August 10, 2018
San Ramon, CA-based SummerHill Homes acquired a 1.72-acre land parcel in Mountain View, CA for $22.5 million with plans to develop 40 new for-sale townhomes. The seller was an undisclosed private high net-worth investor.
The transaction represents a record high price-per-acre in the Silicon Valley, where there is little land available, notes Adam Levin of Marcus and Millichap’s Levin Johnston team, who represented the seller, as well as buyer. The property is located near the intersection of West Middlefield Road and Rengstorff Avenue.
“This was a prime opportunity to own a well-located land parcel with development entitlements already in place,” says Levin. “By bringing in a buyer with the expertise to develop the land, we were able to create tremendous value for the seller, the buyer, and the surrounding community.”
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