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| 1 Devonshire is a 15-unit multifamily property in the San Francisco Peninsula submarket of San Carlos, CA |
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,
recently sold two multifamily assets in the Bay Area:
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| Adam Levin |
With these sales, the brokerage team facilitated a strategic 1031 exchange
on behalf of the investor who sold Leigh Court and acquired 1 Devonshire,
according to Levin Johnston’s Executive Managing Director Adam Levin and
Senior Managing Director Robert Johnston – who were both recently
recognized by CoStar Group, Inc. as Power Broker Award recipients.
“Demonstrating the strength of the irreplaceable San Jose location, we
were able to quickly source a buyer for Leigh Court who met the seller’s price
requirement,” explains Levin.
“The seller of the asset was then looking to acquire another
Bay Area property that would offer immediate strong cashflow and growth
potential with less hands-on management required.”
According to Johnston, the team recognized that the 1
Devonshire community, which had previously been marketed unsuccessfully by
other brokers, would be an ideal asset for the investor to trade into as part
of their 1031 exchange.
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| Robert Johnston |
“We were able to procure the investor we worked with to sell
Leigh Court as the buyer of the San Carlos community, which had recently
undergone strategic interior and exterior improvements to increase its
value,” Johnston continues.
“The buyer in this transaction recognized
the long-term potential in 1 Devonshire, and we were
ultimately able to satisfy both parties’ investment objectives.”
San Carlos is located in the heart of San Francisco Bay Area
and is known for its high quality of living. Situated near the nation’s top
tech employers and lively community, 1 Devonshire is a trophy asset that will
attract Peninsula renters for years to come, notes Levin.
Contacts:
Alex Caswell / Elisabeth Manville
Brower Group
(949) 438-6262
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