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| 600 Mariners Island, a 24-unit apartment community in San Mateo, CA sold for $13 Million |
SAN MATEO, 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, successfully completed
the sale of two multifamily communities in San Mateo, California, with a total
transaction volume of $24.45 million.
“Investor demand in San Mateo is at an all-time high as employment
opportunities and superb quality-of-life are driving down vacancy rates and
placing upward pressure on rents,” explains Adam Levin, executive
managing director for Levin Johnston.
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| Adam Levin |
While job growth remains strong throughout the
entire Bay Area, the San Francisco/Peninsula submarket, which encompasses San
Francisco and San Mateo County, experienced 3.5 percent employment growth last
year, outpacing the East Bay at 2.2
percent.”
Levin Johnston’s recent San Mateo transactions include:
Levin Johnston
Directs Acquisition of 24-Unit Trophy Apartment Community
Levin
Johnston of Marcus & Millichap directed the acquisition of 600 Mariners
Island, a 24-unit apartment community in San Mateo, California, to a
foreign investor for $12.95 million. The seller, a private owner, was also
represented by Levin Johnston.
“This acquisition presented a rare opportunity to purchase a
trophy asset in a strong and highly robust multifamily market,” explains Robert
Johnston, senior managing director for Levin Johnston.
“Drawing upon our deep market knowledge and
strong investor relationships, we were able to quickly identify a buyer and
close the deal within 14 days.”
According to Johnston, the appeal of this asset to both local and
international investors is driven by San Mateo’s reputation as one of the most
affluent and prosperous counties in the nation, with strong employment
fundamentals and low vacancy levels.
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| Robert Johnston |
The property is in close proximity to many of the nation’s top
tech employers including Facebook, Oracle, GoPro, and Sony.
The greater San
Mateo County market is also experiencing an influx of office expansions and new
development including the Gilead Sciences campus, Illumina campus, Franklin
Templeton headquarters, and Facebook’s Oculus offices. Residents also benefit
from convenient access to retail destinations and local parks.
Originally constructed in 1976, 600 Mariners Island offers
waterfront views and consists of six two-bedroom/one-bathroom units and
eighteen one-bedroom/one-bathroom units.
Community amenities include a full-sized swimming pool, a
children’s swimming pool, clubhouse, boat launch, private storage, modern
fitness center, dog park and playground.
The property is located at 600 Mariners Island in San Mateo,
California.
Levin Johnston
Completes $11.5 Million Sale of 31-Unit Multifamily Community
Levin
Johnston directed the sale of Station 401 @ Poplar, a 31-unit multifamily
community in San Mateo, California, for $11.5 million. The firm represented the
seller and the buyer, both private investors, in the transaction.
“Station 401 @ Poplar is situated in a world-class location in close proximity
to major employers and transportation corridors,” says Johnston. “The asset was
previously listed unsuccessfully by other local brokers. Keeping our finger on
the pulse of the market, we were able to bring in a buyer and ultimately
negotiate an attractive price that made sense for both our clients.”
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Station 401 @ Poplar, a 31-unit multifamily community
at 401 East Poplar Avenue in San Mateo, CA
sold for $11.5 million |
CONTACTS:
Alex Caswell / Elisabeth Manville
Brower Group
(949) 438-6262
