Tuesday, August 20, 2019

Levin Johnston Directs Two Multifamily Transactions Totaling $23.4 Million in California's High-Demand East Bay Market


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.”


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.

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 Apartments

            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.

Robert Johnston
           “Hawthorne Apartments represented a rare opportunity to acquire a turnkey asset in a trophy location within this high barrier-to-entry market,” says Levin. “The sale price reflects the strong appeal of well-positioned multifamily communities within one of the Bay Area’s most desired cities.”

            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.

            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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