Tuesday, October 30, 2018

Levin Johnston of Marcus & Millichap directs three multifamily trades in Silicon Valley

Adam Levin
BAY AREA, CA   Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully closed three multifamily property transactions in the Bay Area.

“These transactions represent a new trend in investment demand in Silicon Valley and the Bay Area,” explains Adam Levin, Senior Managing Director of Marcus and Millichap’s Levin Johnston.

 “This multifamily market is exceptionally tight, with tremendous pressure on already compressing cap rates. To find the right fit for our Clients, many investors are shifting to small multifamily assets, which are still poised to provide strong returns in both the short and long term.”

Levin Johnston’s recent transactions include:

Trade of an Eight-Unit Apartment Complex in Pacifica

122 Hilton Lane, Pacifica, CA
            Levin Johnston directed the acquisition of an eight-unit apartment property on Hilton Lane in Pacifica for a total consideration of $4.3 million. Originally built in 1964, the asset was part of a 1031 exchange for the buyer, a private investor who was represented by Levin Johnston in the transaction.

            “This small property is strategically located and offers tremendous upside potential for the buyer,” says Robert Johnston, Senior Managing Director of Levin Johnston.

Robert Johnston
“The median household income in this region is almost double that of the nation, which supports high rental pricing and low vacancy rates on an ongoing basis.”

            Situated on 0.22 acres, the property is in close proximity to major employers including Kaiser Permanente, Seton Medical Center, The Home Depot and Target.

The property is located at 122 Hilton Lane in Pacifica, California.

Sale of a Triplex in Redwood City

Levin Johnston also recently directed the $2.3 million sale of a triplex in Redwood City. Adam Levin and Robert Johnston represented both the seller and buyer – both private investors – in the transaction.

1536, 1538 and 1540 Jefferson Avenue,
  Redwood City, CA
Originally constructed in 1930, the property is situated on 0.15 acres and offers a three-bedroom apartment as well as two two-bedroom apartment homes.

“This asset benefits from its proximity to Silicon Valley, making it well-positioned to attract strong rental demand from the local employment base,” says Johnston.

The triplex is located at 1536, 1538 and 1540 Jefferson Avenue in Redwood City, California.

Acquisition of a Seven-Unit Property in San Leandro

224 Callen Avenue, San Leandro, CA
Levin Johnston also directed the acquisition of a seven-unit multifamily property located on Callan Avenue in San Leandro for $1.95 million. The transaction was part of a 1031 exchange and Levin Johnston represented the buyer, a private investor.

The property was built in 1962 and is located in downtown San Leandro, giving residents easy access to shopping centers, Bart stations, regional parks and nature areas, according to Johnston.

Situated on 0.16 acres, the property is comprised of four two-bedroom/one-and-a-half-bath units, two one-bedroom/one-and-a-half-bath units and one one-bedroom/one-bath unit.

The property is located at 224 Callan Avenue in San Leandro, California.


Alex Caswell / Jenn Quader 
Brower Group
(949) 955-7940

The Dermot Co. acquires 126-unit multi-housing property in Brooklyn, NY

The Kestrel Apartments, Windsor Terrace Submarket, 33 Caton Place,
Brooklyn, NY

Andrew Levison
NEW YORK, NY, Oct. 29, 2018 – The Dermot Company announces its purchase of the Kestrel, an eight-story, 126-unit luxury multi-housing property located in Brooklyn’s Windsor Terrace submarket.

Constructed in 2014, the Kestrel is located at 33 Caton Place, which is bounded on the west by Ocean Parkway and on the east by the entrance to Brooklyn’s famed Prospect Park.

In addition to the 585 acres of recreational activities within the park, residents also have nearby access to the Fort Hamilton Parkway subway station as well as shopping and dining along the Caton and Church retail corridors.

Steven Klein
 Apartment units average approximately 844 square feet and include a mix of studios, one- , two- and three-bedroom floor plans.

 The Kestrel features top-of-the-line finishes, including white oak flooring, in-unit washers and dryers, stainless steel appliances, Caesarstone countertops and oversized windows.

Amenities include a 24-hour attended lobby, resident lounge, children’s playroom, fitness center, yoga room, sauna, media room, pet spa, on-site storage and parking, and a landscaped roof deck with grilling areas and private cabanas.

HFF and Savills Studley worked on behalf of the borrower, an affiliate of The Dermot Company, to secure a fixed-rate loan for the acquisition of the property.

Geoff Goldstein
Savills Studley also arranged the capital for the purchase, securing an equity investment. HFF’s investment advisory team also arranged the sale of the property.

“The Kestrel is a fantastic cash-flowing building in a fast-changing neighborhood that we are acquiring at a very attractive basis for a long-term hold,"  says Andrew Levison, Principal and Director of Acquisitions for The Dermot Company.

"We are thrilled to be bringing our high standards of service to the tenants of The Kestrel.”.

 The HFF debt placement team representing the borrower included managing director Steven Klein and senior director Geoff Goldstein.

Jeffrey Julien
The HFF investment advisory team representing the seller included senior managing director Andrew Scandalios and managing directors Jeffrey Julien and Rob Hinckley.

The Savills Studley team representing the borrower in the financing and equity investment for the purchase included senior managing directors David Krantz and Paul Leibowitz.

Rob Hinckley


 Savills Studley Public Relations Manager 
(212) 326-1024                                        
Paul Leibowitz

NY Lic. #40KL0957728 
HFF Managing Director 
(212) 245-2425

HFF Public Relations Specialist 
(713) 852-3500