BAY AREA, CA, July 29, 2020 – 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 directed three multifamily
property sales in the Bay Area for a total consideration of $34.32 million.
Levin Johnston’s Executive Managing Director Adam Levin and Senior
Managing Director Robert Johnston represented the seller and procured the
buyer.
“While the multifamily market is certainly riding out the wave of
the pandemic, the Bay Area provides a silver lining to strategic multifamily
investors looking to expand their portfolio.
"Tech giants including Facebook, Google and Salesforce recently announced new
job openings, making the Bay Area an attractive
choice for renters,” explains Levin.
“In this transaction, we were able to
procure a strong buyer who recognized the long-term investment opportunity, and
that by purchasing the three properties, which are part of a six-property
portfolio, they would benefit from economies of scale. As a result, we were
able to secure an attractive sales price for our seller.”
The South Bay Area is a catalyst for new retail and commercial
developments, explains Johnston. This portfolio presented a rare opportunity to
acquire several strategically located assets in an area that is rapidly
expanding to keep up with the high demand of tech jobs in the area.
The three properties in the portfolio include:
 |
| 1234 Sunnyvale Saratoga Road, Sunnyvale, CA |
1234 Sunnyvale Saratoga Road in Sunnyvale, California,
a 34-unit multifamily property that is situated on 1.28 acres, which sold for
approximately $15.3 million.
Originally constructed in 1963, the property
features an attractive mix of one studio apartment, twelve
one-bedroom/one-bathroom apartments, 13 two-bedroom/one-bathroom
apartments, seven two-bedroom/one-and-a-half bathroom apartments, and one
three-bedroom/two-bathroom apartment.
The asset has undergone significant
exterior and interior improvements including carpet and linoleum replacement.
The property offers renters a community courtyard, private individual parking
and on-site laundry facility.
 |
| 100 Oak Rim Way, Los Gatos, CA |
100 Oak Rim Way in Los Gatos, California,
a 1.15 acre 24-unit multifamily property which sold for a total of
approximately $11.52 million.
The building was constructed in 1961 and offers
renters a mix of four one-bedroom/one-bathroom and 20
two-bedroom/one-and-a-half bathroom apartments. Recent interior upgrades
include new carpet, new windows and linoleum replacements.
 |
| 2905 Old Almaden Road, San Jose, CA |
2905 Old Almaden Road in San Jose, California,
a 25-unit multifamily property situated on 0.7 acres that sold for
approximately $7.5 million. The asset was originally constructed in 1961 and
has a gross building area of 20,196 square feet, offering its tenants 20 one-bedroom/one-bathroom
apartments, four two-bedroom/two-bathroom apartments and one
three-bedroom/two-bathroom apartment.
Shared community amenities include a community courtyard, picnic area, private
carports, security cameras and an on-site laundry facility.
For more information about Levin Johnston’s $100 million in
available properties, visit www.levinjohnston.com.
CONTACTS:
Alex
Caswell / Katie Haga
Brower Group
(949) 438-6262
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