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| Sequoia Station Apartments, Redwood City, CA |
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| Adam Levin |
Redwood City, CA – Levin
Johnston, one of the top 10 multifamily brokerage
teams in the U.S., has directed the $15 million sale of Velocity at Sequoia
Station, a 30-unit multifamily community in Redwood City.
Levin
Johnston represented both the seller, Old Adobe Management Company, and the buyer,
a private owner and investor, in the transaction.
“This
asset presented a tremendous opportunity for a valuable trade in one of the
strongest rental markets in the U.S.,” says Adam Levin, Senior Managing
Director of Levin Johnston. “We supported the seller, a long-time Client, in
the acquisition of the property for $10 million in 2015.
"Now,
less than two years later, we were able to secure a strong price for the
seller, while simultaneously helping the buyer to grow its portfolio and
presence in the Bay Area.”
During
its ownership, Old Adobe Management Company implemented an extensive renovation
and repositioning campaign, which bolstered the value of the asset and
positioned it as especially competitive in the already tight market.
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| Robert Johnston |
“This
is an unprecedented level of property renovations, resulting in a property that
gives both the buyer and renters the closest option to new construction
possible in this supply-constrained market,” says Levin. “New multifamily
supply peaked in
the Bay Area last year, and the resulting
tightening market will see more dramatic growth in average effective rent as
2018 progresses.”
Levin Johnston was able to help the buyer leverage this current momentum by
acquiring Velocity at Sequoia Station as part of a 1031 exchange.
“One of the most valuable services our firm provides is the ability to look at
the big picture and support Clients in making the right moves at the right
time,” says Robert Johnston, Senior Vice President of Levin Johnston.
“In this case, we had a long-time
Client with two small properties in the region who was seeking an opportunity
to expand his portfolio. We facilitated a smooth 1031 exchange for the buyer,
ultimately meeting the needs of both the buyer and seller in this transaction.”
Velocity at Sequoia Station is located near downtown Redwood City offering
residents a short walk to various shopping and dining options as well as
multiple public transportation hubs. The property is in close proximity to many
of the nation’s top tech employers including Google, Apple, Tesla and several
more.
“This
community is situated directly in the heart of Silicon Valley, which boasts
exceptional renter fundamentals,” states Johnston. “The region is home to a
highly educated and high income earning population, providing an opportunity
for strong long-term NOI for multifamily owners.”
The property is located at 1331 Jefferson Avenue in Redwood City, California.
For
more information, please contact:
Jordan Kruk / Jenn Quader
Brower Group
(949) 955-7940
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