Done Deals: Levin Johnston Completes $15.8 Million Sale of 24-Unit Multifamily Community in Redwood City, CA

Sunday, November 14, 2021

Levin Johnston Completes $15.8 Million Sale of 24-Unit Multifamily Community in Redwood City, CA

Farm Hill Manor,
3510, 3516 and 3524 Farm Hill Boulevard,
Redwood City, CA 94061.

REDWOOD CITY, Calif., (November 8, 2021) – 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 announced the sale of Farm Hill Manor, a 24-unit newly renovated multifamily community in the Bay Area submarket of Redwood City, California. The property was purchased by a private buyer for $15.8 million.

Adam Levin

Levin Johnston’s Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston, and Investment Associate Regan Cherrington represented the seller and procured the buyer in the transaction.

“We took charge after this property was previously marketed unsuccessfully by another broker,” says Adam Levin. “We understood the value of this strategically located property and were ultimately able to secure a strong price for the seller, while setting up the buyer with a long-term investment opportunity with further value-add potential.”

Robert Johnston

Levin also notes that the brokerage team’s deep knowledge of the local market was instrumental in facilitating the deal.

“Our continued success in identifying lucrative opportunities to acquire and sell in the highly competitive Bay Area market and beyond is a testament to our deep industry knowledge, relationship-focused approach and commitment to putting our client’s success first,” says Levin.

With Redwood City job growth projected to be 37% over the next 10 years and the city’s vacancy rate of just 2%, the upside potential for Farm Hill Manor is tremendous, according to Robert Johnston.

Regan Cherrington

“Farm Hill Manor is a well-positioned asset for the buyer, who will benefit from Redwood City’s strong employment fundamentals and low vacancy levels,” notes Johnston.

“Redwood City is growing rapidly, and the demand for quality, for-sale housing is at an all-time high and outpacing current supply.

"The area’s continued economic development, employment growth and proximity to major attractions presents a prime opportunity for the community to receive strong renter demand.”