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| Village Drive Apartments, 1100-1114 Village Drive, consists of four buildings totaling approximately 34,889 square feet in Belmont, CA |
BELMONT, 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 directed two property
sales totaling $24.99 million in Belmont, California – a high-barrier to entry
market in San Mateo County.
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| Adam Levin |
Adam Levin, Executive Managing Director and Robert Johnston,
Senior Managing Director of Levin Johnston, represented the seller, a private
high net worth investor.
They also represented the buyer in each transaction both of
which were Family Trust Exchange buyers.
“Belmont is one of the strongest and most robust rental markets in
the country,” explains Levin.
“Each of these multifamily assets are positioned
to perform well over time based on their close proximity to many of the
nation’s top tech employers such as Oracle, Facebook, Sony and Google, among
many others – which will drive continued occupancy and a well-sustained renter
base for years to come.”
Levin Johnston’s recent sale transactions include:
$16 Million Sale of Village Drive Apartments
Levin
Johnston of Marcus & Millichap directed the sale of a 30-unit multifamily
community in Belmont, California for $16 million. Situated on 0.72 acres, Village
Drive Apartments consists of four buildings totaling approximately 34,889
square feet.
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| Robert Johnston |
The apartment interiors have been updated with laminate
flooring and upgraded kitchen cabinets, counters, backsplashes, lighting and
appliances.
“We immediately recognized the appeal of this asset, based
on its favorable location and extensive capital improvements,” says Johnston.
“In the current market, many private investors are seeking boutique-sized apartment communities that have been recently renovated. These assets can be held for the long term as cash-flow investments.”
“In the current market, many private investors are seeking boutique-sized apartment communities that have been recently renovated. These assets can be held for the long term as cash-flow investments.”
Originally constructed in 1959, Village Drive Apartments
offers a mix of ten one-bedroom/one-bathroom units, 14 two-bedroom/one-bathroom
units and six three-bedroom/one-and-one-half bathroom units.
Carlmont Park Apartments Trades For the First Time in Three Decades
Levin
Johnston also directed the sale of Carlmont Park Apartments, a 22-unit
multifamily community in Belmont, California for a total consideration of
$8,998,000.
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| Originally constructed in 1962, Carlmont Park Apartments, 1230 Alameda De Las Pulgas, offers a mix of studio and one-bedroom floorplans in Belmont, CA |
“Trades like these are unique, and represent the tremendous value creation that is still available to multifamily investors in the Mid-Peninsula market.”
Originally constructed in 1962, Carlmont Park Apartments is situated on
0.56 acres of land and offers a mix of studio and one-bedroom floorplans.
CONTACTS:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
