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| Terra Castro Valley, a 37-unit multifamily community at 2275 Grove Way in Castro Valley, CA |
BAY AREA, CA, Aug. 20, 2019 – 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
directed the sale of two multifamily communities in California’s East Bay
submarket for a total transaction volume of $23.4 million.
The properties include a 37-unit apartment/townhome community in Castro
Valley, California, and a 16-unit apartment community in Palo Alto, California.
“These transactions demonstrate the ongoing appeal of the East Bay, a
submarket that consistently garners strong multifamily investor interest and
activity,” says Adam Levin, Executive Managing Director of Levin
Johnston. “We continue to see record transaction volume in this region, and we
expect this trend to continue for the remainder of 2019 and into 2020.”
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| Adam Levin |
Levin Johnston’s recent transactions include:
Terra Castro Valley
Levin Johnston of Marcus & Millichap arranged the sale of Terra
Castro Valley, a 37-unit multifamily community at 2275 Grove Way in Castro
Valley, California, for $12.9 million to an institutional buyer. The seller, an
institutional investor, was also represented by Levin Johnston.
“With robust demand in this market, properties like Terra
Castro Valley are highly sought after by investors,” says Robert Johnston,
Senior Managing Director of Levin Johnston.
“We were able to
match the seller, who had made interior and exterior improvements in order to
increase the property’s value upon sale, with the buyer, who recognized the
long-term potential in this renovated East Bay asset, satisfying both parties’
investment objectives.”
Terra Castro Valley offers renters close proximity to the nation’s top
tech employers, including Tesla, Google, Oracle, Facebook, Visa, Sony, and many
others.
The asset is also
located less than one mile from Castro Valley Marketplace,
a three-level gourmet lifestyle center set to open in Fall 2019. The center
will feature a butcher, bakery, patisserie, natural grocery store, full-service
restaurant, wine bar, cooking school, apothecary, and event space.
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| Hawthorne Apartments, a 16-unit multifamily community at 325-327 Hawthorne Avenue in Palo Alto, CA |
Originally constructed in 1964, Terra Castro Valley is a pet-friendly
property featuring 31 two-bedroom townhomes and six one-bedroom apartments, as
well as a resort-style pool, on-site laundry, assigned parking, and secured
gated entry.
The apartments offer private patios, while the townhomes
feature enclosed yards.
Hawthorne
Levin
Johnston also directed the sale of Hawthorne Apartments, a 16-unit multifamily
community at 325-327 Hawthorne Avenue in Palo Alto, California, for $10.5
million. Adam Levin represented the seller, an institutional investor, and the
buyer, a private investor.
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| Robert Johnston |
Hawthorne Apartments is located in the Downtown North neighborhood of Palo Alto
– an exceptionally affluent pocket where 53% of the population holds a master’s
degree or higher.
The property is within one mile of Stanford University and
within minutes of Santa Clara University and Menlo College.
It is also in close proximity to transportation corridors and tech employers including Google, Adobe, Apple, Yahoo, Facebook, and Tesla, among others.
It is also in close proximity to transportation corridors and tech employers including Google, Adobe, Apple, Yahoo, Facebook, and Tesla, among others.
Built
in 1956 and renovated in 2018, Hawthorne Apartments offers one-bedroom units
with private parking garages or assigned parking spaces, on-site laundry, and a
bike rack.
Levin Johnston has completed over $300 million in sales in 2019 to date,
demonstrating continued health in the commercial real estate market in this
region. For more information about the firm’s $100 million in available
properties, visit www.levinjohnston.com.
Levin Johnston Group
is part of Marcus & Millichap’s Palo Alto office
Contacts:
Lisa James / Jenn Quader
Brower Group
(949) 438-6262
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