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| 926 Woodside, a 77-unit apartment community in Redwood City, CA, was part of a 1031 Exchange transaction |
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
directed the $40 million acquisition of
926 Woodside,
a 77-unit apartment community, situated in Redwood City, California.
Adam Levin, Robert Johnston and Michael Henshaw
represented the buyer, a private investor in the transaction.
This acquisition was part of a complex 1031 exchange through
which Levin Johnston identified an opportunity for the buyer to consolidate his
four existing multifamily properties into one stable, cash-flow trophy
investment.
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| Adam Levin |
“This transaction demonstrates the difference between a wealth-focused
commercial property advisor and a run-of-the-mill broker,” says Levin,
Executive Managing Director of Levin Johnston.
“Our team understands the Bay Area’s strong economic growth
and property appreciation and recognized the opportunity for the buyer to take
advantage of a 1031 exchange.
"Our client will now benefit from consolidation,
diversification, and management relief, as well as increased cash flow and
income for years to come.”
Robert Johnston, Senior Managing Director of Levin Johnston, explains,
“The Redwood City submarket is a hub of investment activity for buyers seeking
to deepen the value of their portfolio, and sellers leveraging current market
fundamentals to achieve value.”
926 Woodside is located in the coveted Palm Park
neighborhood with direct access to Highway 101 and Interstate 280 – making it
an attractive choice for commuters. The apartment community is also in close
proximity to public schools, job centers, convenient medical services,
recreational outlets as well as a wide variety of retail and entertainment
options.
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| Robert Johnston |
Originally constructed in 1963 and renovated in 2016, the property now
offers its residents secure gated entry, keyless building entry, elevators,
bike storage, EV chargers, on-site laundry room and community courtyards with
BBQ areas.
“Fully renovated, high-quality multifamily assets demonstrate extremely
strong long-term performance in this sought-after Bay Area market,” says
Johnston.
“By guiding our client through the complexities of this
exchange, we successfully helped the buyer trade up from a $31.875 million
portfolio into a trophy $40 million asset that will deliver deep value for
years to come.”
The property exchange included the sale of four multifamily communities
with a combined value of $31.875 million.
131 Elm Street, a 20-unit multifamily property
situated in San Mateo, California.
Delano Apartments, a fully upgraded 35-unit
multifamily community in San Jose, California.
560 Charter Street, a 15-unit apartment complex
located in the mid-peninsula city of Redwood City, California.
1416 Floribunda Avenue, a nine-unit apartment
building situated in Burlingame, California.
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| Michael Henshaw |
Levin Johnston has already completed over $348 million in sales in 2019 to
date, demonstrating a continued demand for multifamily assets in this region.
To learn more about the firm’s $100 million in available
properties, please visit:
www.levinjohnston.com.
CONTACTS:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
