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| Woodgate Apartments, 1950 Montecito Avenue, Mountain View, 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 acquisition of a newly renovated
office in Redwood City, California, along with the sale of an apartment
community in Mountain View, California, for a total transaction volume of $28.6
million.
Levin Johnston represented a single client as the buyer in
the Redwood City office transaction and as the seller in the Mountain View
sale—part of a successful 1031 exchange directed by Executive Managing Director
Adam Levin and Senior Managing Director Robert Johnston.
“With this exchange, we were able to both secure a
competitive price for the multifamily asset, as well as help diversify our
client’s portfolio by identifying a high-yielding office building in the
desirable Redwood City market, which will create long-term wealth and stability
for years to come,” explains Levin.
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| 558 Brewster, Redwood City, CA includes two floors of office space |
“These transactions demonstrate our capabilities to go
beyond a transactional mindset and serve as wealth and investment advisors for
our clients.”
The 1031 exchange began with the $22.5 million sale of Woodgate
Apartments, a 34-unit multifamily community in Mountain View, and concluded
with the $6.1 million acquisition of 558 Brewster, a newly renovated, single-tenant
office building totaling 5,580 square feet in Redwood City.
“A unique investment opportunity in a top-performing
market, 558 Brewster is a perfect fit for an experienced investor looking to
expand their portfolio,” says Johnston.
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| Adam Levin |
The area benefits from its proximity to Silicon Valley,
attracting major tech companies including Apple, Inc., Tesla, Yahoo, and
Microsoft, among many others.
“The investment appeal of 558 Brewster is driven by Redwood
City’s core downtown location, strong employment fundamentals, and low vacancy
levels, as well as its close proximity to major employers and transportation
corridors,” Levin adds.
Originally constructed in 1981 and renovated earlier this
year, 558 Brewster includes two floors of office space.
Situated in a prime corner office location of Brewster
Avenue and Winslow Street, the property is in walking distance to a Caltrain
station and downtown Redwood City.
The asset also features ample on-site parking, a carport,
storage areas, and high-quality kitchen facilities.
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| Robert Johnston |
Located at 1950 Montecito Avenue in Mountain View,
California, Woodgate Apartments is in close proximity to
Highway 85 and Highway 101, offering direct access to the entire Bay Area.
Originally constructed in 1976, the property offers studios, one- and
two-bedroom apartments, as well as laundry facilities and covered parking.
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.
Contact:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
