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Woodside South Apartments, 15 Atherwood Avenue Redwood City, CA |
BAY AREA, 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 the sale of two
apartment communities – one in Castro Valley and one in Redwood City – for a
total transaction volume of $12.3 million.
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| Adam Levin |
The property sales were part of a successful 1031 exchange directed by
executive managing director Adam Levin and senior managing director Robert
Johnston of Levin Johnston.
“These transactions demonstrate our continued ability to
help multifamily investors create long-term wealth through strategically timed
property trades,” says Johnston.
“In this case, our client owned a low-density apartment
community in Castro Valley, and we recognized the opportunity for the client to
sell that property, achieve strong proceeds, and transition into a stable,
higher-yielding multifamily asset in the highly desirable Redwood City market.”
The 1031 exchange began with the $3.3 million sale of Somerset
Suites, a nine-unit multifamily community in Castro Valley, California, and
concluded with the $9.03 million acquisition of Woodside South, a
17-unit multifamily community in Redwood City, California.
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| Somerset Suites, 3363 Somerset Avenue, Castro Valley, CA |
Levin Johnston represented the seller in the sale of Somerset Suites, and
represented both the seller and the buyer in the Woodside South transaction.
“This 1031 exchange proves our ability to serve as wealth and investment
advisors for our clients,” says Levin. “The Somerset property required a great
deal of hands-on management, which could have become troubling to our client
over the long term.
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| Robert Johnston |
"By transitioning into a larger, more stable asset in a
superior location, our Client now owns an asset that is well-positioned to
perform extremely well for years to come.”
Levin notes that the Redwood City market is highly desirable
for investors – nearly 28,000 people are expected to be added in that market through
2022, generating strong ongoing demand for multifamily housing.
“The investment appeal of Woodside South is driven by
Redwood City’s strong employment fundamentals and low vacancy levels, as well
as its world-class location in close proximity to major employers and
transportation corridors,” Levin explains
The
area benefits from its proximity to Silicon Valley, attracting major tech
companies including Apple, Inc., Tesla, Yahoo and Microsoft, among many others.
Situated on 0.45 acres at 15 Atherwood Avenue in Redwood City, Woodside
South offers high-quality one- and two-bedroom floorplans.
Constructed in 1959, the property has recently undergone
significant exterior and interior renovations including modern, high-end
designer finishes, dual pane windows, updated kitchens, modern hard flooring,
designer paint, electronic thermostats, window coverings and new carpeting.
Located at 3363 Somerset Avenue in Castro Valley, California, Somerset
Suites is in close proximity to I-880 and Highway 238, offering direct
access to the entire Bay Area.
Originally constructed in 1951, the property offers one-,
two- and three-bedroom cottage and townhouse style units, as well as private
back yards and private garages.
Levin Johnston has completed over $300 million in sales in
2019 to date, demonstrating continued health in the commercial real estate
market in this region.
For more information about the firm’s $100 million in
available properties, visit www.levinjohnston.com.
Contacts:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
