Published on Tuesday, March 24, 2026
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The area also benefits from limited supply and strong renter demand.
Amidst the lowest vacancy seen in years and an increase in transactional activity in San Jose's metro community, an unnamed regional buyer has swooped in to snag apartment community, Park Plaza, in a 1031 exchange deal brokered by Levin Johnston.
The Marcus & Millichap subsidiary represented the undisclosed seller and procured the acquirer, a local family partnership. The property is at 255 N. 3rd Street.
Adam Levin, executive managing director of Levin Johnston of Marcus & Millichap, who led the deal, told GlobeSt.com that the sale of Park Plaza highlights continued investor confidence in San Jose's multifamily market, where limited supply and strong renter demand are driving activity.
"With vacancy expected to reach its lowest level in decades by the end of the year, and a central location near Downtown San Jose and key employment and education centers, the property exemplifies the type of well-positioned, stabilized asset that continues to attract investors seeking scale and durable long-term performance."
The 16-unit community benefits from durable renter demand, a range of retail, dining and entertainment options, as well as strong regional connectivity.
It was originally built in 1964 and features 100% one-bedroom floor plans, gated parking and on-site laundry facilities. The following can be found nearby: Target-anchored San Jose Market Center, San Jose State University, Santa Clara University and leading Silicon Valley employers, including Santa Clara County Medical Center, Adobe, PwC, Deloitte, Cisco and Park Plaza.
Reinforced investor demand for well-located, stabilized assets is prompting a new wave of sales activity in the city, Levin said in a release.
"San Jose is a rare market where buyers and sellers are better aligned on valuations, and where many local high-net-worth families and individuals are prompted to make strategic portfolio moves to take advantage of tax benefits and position their real estate portfolios for the future," he said.
Levin Johnston is currently marketing and evaluating offers on two adjacent multifamily communities, less than one mile from Park Plaza: First Street Manor and Barcelona Apartments.
The purchase of Park Plaza, at a price of $4.36 million, followed the buyer's sale of two single-family homes.