Multifamily Investment in California Bay Area Remains Active: Levin Johnston Group Announces 17 Transactions in Q4 Totaling Over $238 Million

Adam Levin

BAY AREA, CA – Levin Johnston Group, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has wrapped up Q4 2017 with an additional 17 transactions in the multifamily sector of the Bay Area market totaling over 610 units and $238 million – bringing the group’s total for 2017 to 48 transactions, and more than $600 million.

“Levin Johnston Group specializes in services that are far beyond transactional. 

"We truly are wealth and investment advisors for our clients, and our track record attests to our results,” states Adam Levin, Senior Managing Director of Levin Johnston Group. 

“With an in-depth knowledge of the Bay Area market, we are able to help our clients identify secure investments that deliver strong returns for the long term.”

Levin notes that employment fundamentals, both in numbers and in average salaries, has played a prominent role in the active multifamily investment market in Silicon Valley.

“We are fortunate to specialize in a market so close to major companies such as Apple, Google and Amazon, as well as many other firms that share the same talent pool and employee lifestyle sensibilities,” notes Robert Johnston, Senior Vice President of Levin Johnston Group. “By tapping into the potential of this market and navigating local nuances, we are able to support our Clients in leveraging the strength of this market and achieving strong value creation in their investments.”

Robert Johnston

The 17 multifamily transactions Levin Johnston Group has directed include:

Arbordale Gardens Apartments

Levin Johnston represented the buyer and the seller, both private owners, in this $27,750,000 transaction. This multifamily property consists of 72 units and is located just 2.3 miles from the TESLA Headquarters with tremendous upside potential in rental income. Arbordale Gardens Apartments is located at 42010 Blacow Road in Fremont, California.

The Bungalows at Mathilda

Levin Johnston successfully directed the $26 million sale of this 68-unit multifamily property on behalf of both the buyer and the seller, both of which are private owners. This property is in close proximity to the Microsoft headquarters as well as other large tech companies. The Bungalows at Mathilda is located at 126 W. Ahwanee Avenue in Sunnyvale, California.

Colony Manor

The $18.6 million sale of this 40-unit multifamily asset was directed by Levin Johnston on behalf of the buyer and seller. This site is located at 1660 Hollenbeck Avenue in Sunnyvale, California.

Mosaic Apartments

Levin Johnston completed the $15.9 million sale of this 41-unit multifamily property on behalf of the buyer and the seller, both private owners. The Mosaic Apartments is located at 1660 Gordon Street in Redwood City, California.

pksl

Levin Johnston represented the seller in the $15.6 million disposition of this 37-unit multifamily property in the core of Silicon Valley. This site is located at 1090 Sunnyvale Saratoga Road in Sunnyvale, California.

Village Drive Apartments

The Village Drive Apartments consists of 30 units located near major highways and interstates as well as the Caltrain station. Levin Johnston represented the buyer, a private owner, in this $15.2 million acquisition. The property is located at 1100-1114 Village Drive in Belmont, California.

Bonanza Apartments

Levin Johnston represented both the buyer and seller in this $14 million deal. This 52-unit apartment community is located just one mile from the Alameda Ferry Terminal at 430-450 Buena Vista Avenue in Alameda, California.

Calaveras and Adams

This 32-unit portfolio was sold at $11,050,000. Levin Johnston represented a private owner as the seller. The site is located at 1559 E. Calaveras Boulevard in Milpitas, California – in close proximity to the new BART station.

2.75-acre Land Sale in Fremont

This $11 million transaction was directed by Levin Johnston Group on behalf of the buyer and the seller, both of which are private owners. This 2.75 acre land site is located at 3515 Walnut Avenue in Fremont, California.

Glen Eyrie Towers

This 30-unit multifamily property sits just one mile from two major highways and is in walking distance to various downtown amenities. The $10.6 million acquisition was directed by Levin Johnston on behalf of the buyer and is located at 101 Glen Eyrie in San Jose, California.

Sol @ Campbell

Levin Johnston Group successfully completed this $10 million transaction on behalf of the buyer and seller. This 26-unit property is located in the heart of Silicon Valley at 350 Dunster Drive in Campbell, California.

67-Unit Portfolio in Santa Clara

Levin Johnston has also completed the transaction of a 67-unit portfolio in Santa Clara, California totaling $24.9 million. The portfolio consists of four separate multifamily properties near major employers including Apple, Microsoft, Intel and Amazon. Levin Johnston represented the buyer, a private investor, and the seller, a private owner in this deal. The properties are located at 1962 Bellomy Street, 1972 Bellomy Street, 1978 Bellomy Street and 470 California Street in Santa Clara, California.

Multifamily Acquisition on Elm Street

Levin Johnston successfully directed the acquisition of a 20-unit multifamily property near Downtown San Mateo. Located at 131 Elm Street, the property was acquired by a private owner for a total of $9.3 million. Levin Johnston represented the buyer in this transaction.

Villa Fairlane

Levin Johnston completed the transaction of a 35-unit multifamily property situated on 0.82 acres of land for $9,050,000. Levin Johnston represented both the buyer and the seller in this deal.  The property is located at 264 La Pala Drive in San Jose, California.

Delano Apartments

Located next door to Villa Fairlane, 35-unit Delano Apartments also sold for $9,050,000. Levin Johnston Group represented both the buyer and the seller in the transaction. The property is located at 272 LA Pala Drive in San Jose, California.

Mountain View Multifamily Disposition

Levin Johnston Group directed the sale of a 20-unit multifamily property for $8.2 million. Levin Johnston represented the seller, a private family partnership, in this transaction. The building is located at 500 Chiquita Avenue in Mountain View, California – in close proximity to major employers such as Google and LinkedIn.

Hayward Disposition

Levin Johnston successfully directed the $1.4 million disposition of an 8-unit multifamily property with tremendous value-add potential. Located at 22242 Western Boulevard in Hayward, the site is in walking distance to both Downtown Hayward and the local BART station.

For more information on this release, please contact:

Jordan Kruk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JKruk@browermillercole.com

29th Street Capital Acquires Third Las Vegas-Area Property

 

Promenade at Sahara Apartments, Las Vegas, NV

  

Las Vegas, NV (Jan. 19, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Promenade at Sahara Apartments, a 312-unit multifamily community in Las Vegas, Nevada.

 29SC plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package.

Dusty Eddy

“We are excited to add Promenade at Sahara to our expanding Las Vegas portfolio,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix and Las Vegas. “We believe the Las Vegas market has strong population and economic fundamentals that will continue for the foreseeable future.”

Promenade at Sahara is situated approximately six miles east of the Las Vegas Strip. The community is located near many daily conveniences, including Smith’s, Albertson’s, Starbucks and Walgreens, and provides its tenants with easy access to I-515 and Boulder Highway.

The Las Vegas market has experienced significant economic improvement in recent years. Cushman & Wakefield reported that Las Vegas is the #2 real estate market for rent growth at 5.5%. In addition, employment growth in 2017 is at nearly 3%, which is roughly double the national average. 

“This property is in a growing workforce neighborhood with great accessibility to downtown, the strip, North Las Vegas and other destinations,” Eddy added. “With the combination of the great location and our capital improvement program, we will create exceptional value for our residents and investors.”

 The transaction closed January 19. The sale price was not disclosed.

29th Street Capital acquired 16 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. 

The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers.

29SC’s multifamily portfolio consists of more than 6,300 units and it has acquired over 10,000 units across its 14 offices in the U.S.

Investments typically require approximately $10 to $70 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

For more information on this release, please contact:

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Terri@TerriThornton.com

www.TerriThornton.com

www.29thstreetcapital.com.

Park Tower Renovations Underway;Tampa, FL Building Experiences Strong Leasing Momentum

Rendering of Park Tower, Downtown Tampa, FL

  TAMPA, FL – 2017 was a good year for Tampa’s Park Tower. A new ownership group consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners commenced a multi-million dollar renovation at Park Tower to be completed this summer.

Mike DiBlasi

Since acquiring Park Tower, eleven new tenants have leased space at the building. Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing expects 2018 to be even better.

“The renovation announcement really jump-started our leasing efforts in 2017,” said DiBlasi. The largest of those deals was a 10,500 square foot lease with CAPTRUST Advisors, LLC to relocate their headquarters to the building.

In 2017, DiBlasi and Leasing Representative Ceci Tricoli leased over 44,000 square feet of new space before renovations began, and have signed proposals in-hand for an additional 15,000 square feet.

The ownership group successfully converted an empty 14,685 square foot full floor to move-in ready spec suites ranging in size from 1,500 square feet to 3,500 square feet. The suites have been quickly absorbed by the market. 

“We hope to convert another floor to move-in ready suites this year -- unless of course, a full floor user sweeps in first.” said DiBlasi. “Once the renovations are completed this summer, including the addition of a swanky new Buddy Brew Coffee café in the lobby, Park Tower will be more than 90% leased for the first time in over a decade.”

Ceci Tricoli

DiBlasi expects the renovations and spectacular views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline to advance the quick lease-up of the building’s remaining office space.

 “We have had tremendous success leasing up our past projects after completing our renovations - current occupancy is over 97%. Park Tower should be similarly successful. This is a great opportunity for tenants of all sizes to move into the heart of downtown,” said DiBlasi.

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners acquired Park Tower.

New leases signed include the headquarters relocation of CAPTRUST Advisors, LLC, Buddy Brew Coffee and Continuity Logic, LLC. The building is anchored by BB&T, United States Department of Justice – US Attorney’s Office, Level 3 Communications, and Lykes Insurance.

The most significant change underway at Park Tower is the modernization and brightening of the 475,000 square foot office building’s façade by painting the exterior white and upgrading the main entrance.

The building’s amenities are also being upgraded with a modern, new lobby and the addition of Buddy Brew Coffee café.  The office tower’s design was created by internationally-renowned architect Gensler.

In the works are new tenant amenities, including:

·         High-end, Buddy Brew Coffee, lobby café with seating

·         6th floor “Chill Zone” tenant lounge

·         All new fitness center and yoga room with spin bikes

·         Shared tenant conference room

·         New lobby concierge desk

·         Renovated parking garage with new LED lighting

 Park Tower is located in the heart of downtown Tampa directly across from The Tampa Riverwalk & Hillsborough River; Curtis Hixon and Gaslight Parks; and the Glazer Children’s Museum and the Tampa Museum of Art.

Park Tower Renovations Underway;Tampa, FL Building Experiences Strong Leasing Momentumnvention Center, University of Tampa, and the David A. Straz Jr. Center for the Performing Arts. The tower is LEED EB Gold Certified and EPA Energy Star certified.

 The tower’s current amenities include FedEx Office, U.S. Post Office, BB&T Bank, Grow Financial Credit Union, Pearl Salon, Nature’s Table Café, and a fitness center and conference room (currently undergoing renovation).

For more information on this release, please contact:

Tammy Youngman

tyoungman@assetmarketingonline.com