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| 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
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| 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.
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| 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.
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| 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
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| 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.
CONTACTS:
Alex
Caswell / Jenn Quader
Brower Group
(949) 955-7940
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