Wednesday, January 8, 2020

Levin Johnston Completes $23 Million Sale of Multifamily Community in Bay Area Submarket of San Bruno, CA


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.
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.”

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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