Levin Johnston brokers six multifamily deals totaling nearly $19 million in California Bay Area

 

Adam Levin

Palo Alto, 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, has successfully closed six multifamily transactions in the Bay Area totaling more than $19 million.

“Our team’s extensive knowledge of the local market trends and demographics was instrumental in closing all six deals,” says Adam Levin, Executive Managing Director of Levin Johnston. 

“Despite a slow start to 2023, the Bay Area’s multifamily market shows positive headway as investor demand has ignited through Q2. With competition on the rise, investors look to our expertise to identify and secure lucrative properties for their portfolios.”

Representing the sellers and sourcing the buyers, private investor clients, in each of the six transactions, the Levin Johnston Group demonstrates their aptitude for success in the highly specialized market.

Robert Johnston

The assets, located in the Bay Area region, range in size and value, further demonstrating the firm’s ability to efficiently bring to market a variety of properties and leverage their significant local relationships to swiftly meet specified investor demands.

“Investors understand the value of Bay Area multifamily assets and recognize the long-term economic stability attributed to the region,” says Robert Johnston, Senior Managing Director of Levin Johnston.

 “By applying our regional expertise and strong local connections, our team is able to break through the competition to strategically market a variety of properties and identify and secure assets that will offer our clients steady renter demand and stable returns for years to come.”

The closed transactions include:

 

454 Paula Ct., Santa Clara, California - $4.1 Million

This 9-unit apartment asset is ideally located in the prime employment hub of Santa Clara. Many of the largest technology companies have operations in or near Santa Clara including Google, Apple, LinkedIn, Microsoft, Intel, Yahoo and others, attracting high-caliber tenants with longstanding value. The key location and desirable unit mix consisting of partially renovated studio, one-, two-, and three-bedroom floor plans provided an exceptional acquisition prospect and drew significant buyer activity. Despite the high interest rate environment, Levin Johnston was able to achieve a competitive market price resulting in a win for both their clients.

360 Chiquita Ave., Mountain View, California - $3.9 Million

Situated within walking distance to Downtown Mountain View and San Antonio Shopping Center, this 12-unit apartment community afforded the buyer a unique opportunity to capitalize on location and increase value through deferred maintenance initiatives. Select units have recently undergone capital improvements including vinyl plank flooring and updated bathroom features.

1150 Greenwood Ave., San Carlos, California - $3.51 Million

This 13-unit asset is located in thriving Downtown San Carlos. The buyer was seeking an investment opportunity in a prime location, with solid returns and long-term value potential. Nurturing a strong relationship with both the buyer and seller, Levin Johnston was able to negotiate a favorable 5.52% cap rate on the deal.

317 Elm St., San Mateo, California – $2.75 Million

This well maintained, 7-unit property is located near Downtown San Mateo and Burlingame. With the seller completing recent capital improvements including a new roof and new exterior lighting, the asset provided the buyer an opportunity to acheive immediate returns on their investment. 

903 Adams St., Redwood City, California – Nearly $2.6 Million

Located within walking distance to the lively downtown area, this exclusive 5-unit asset offers tenants beautifully designed one- and two-bedroom floor plans featuring modern unit amenities, individual water heaters, private garages, and private enclosed patios in select units.

3719 Emerson St., Oakland, California - $2 Million 

Located in Oakland’s Glenview District, this 9-unit apartment community is centrally positioned within walking distance to local dining, retail, and community parks. With recent capital improvements completed by the seller, this asset offered the buyer significant opportunity to increase future cash flow, securing strong tenants as many households relocate to Oakland.

Bordered by the City of San Francisco to the north and Santa Clara County to the south, the Bay Area is one of the most highly desirable submarkets for the multifamily sector. 

Connected to Silicon Valley, the highly skilled technology pool that comes with the region has contributed to a significant uptick in growth and prosperity for the region. 

 

CONTACTS:

 

Hanna Kokuashvili / Kiera Moran

The Smart Agency, Inc.

(949) 520 - 6717

hkokuashvili@thesmartagency.com

www.levinjohnston.com.