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| Park Plaza, a 49-unit multifamily community at 2081 Whitman Way in the Bay Area submarket of San Bruno, CA |
SAN BRUNO, CA – Levin Johnston of Marcus & Millichap,
one of the top multifamily brokerage teams in the U.S. specializing in wealth
management through commercial real estate investments, has successfully
represented the buyer and the seller, both private investors, in the $23
million sale of Park Plaza, a 49-unit multifamily community at 2081 Whitman Way in the Bay Area submarket
of San Bruno, California.
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| Adam Levin |
Adam Levin, Executive
Managing Director, and Robert Johnston, Senior Managing Director of
Levin Johnston, were the exclusive listing agents for the recently renovated
property, and also helped the seller trade into a larger asset in a 1031
exchange transaction, Levin notes.
“Through strategic upgrades, the seller brought
an attractive, amenitized multifamily community to this highly in-demand
Peninsula submarket, achieving a premium price that allowed him to exchange
into a larger asset and expand his portfolio with improved economies of scale,”
says Levin.
“In turn, we were able to present the buyer with
this rare opportunity to acquire a multifamily asset in the heart of the Bay
Area. Ultimately, this deal demonstrates our company’s leadership as advisors
in helping our clients grow and sustain wealth through a diversity of
strategies.”
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| Robert Johnston |
According to Johnston, the city of San Bruno is
in a prime location in San Mateo County, which is experiencing tightening vacancy and 4.4%year-over-year rent growth.
He explains: “Situated just 10 miles south of Downtown San Francisco and adjacent
to San Francisco International Airport, San Bruno is a thriving area of
Northern California with strong employment fundamentals.”
The subject property is located
less than a mile from YouTube’s current headquarters, and the proposed 2.3 million
square-foot headquarters expansion project is predicted to add approximately
10,000 new jobs to the area over
the next 20 years.
“This will greatly benefit the
buyer by ensuring continued steady demand for multifamily units for the long
term,” continues Johnston.
Originally constructed in 1964,
Park Plaza is an approximately 65,900 square-foot apartment community located
on a 1.28-acre lot. The property features a mix of studio, one-bedroom, and
two-bedroom units.
Contacts:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
levinjohnston.com.
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