65-Unit Three21@Belmont Apartment Complex in Belmont Sells for $28.93MM

Three21@Belmont Belmont apartment Bay Area San Jose Oakland East Bay San Mateo San Leandro Levin Johnston Marcus & Millichap
Three21@Belmont

BAY AREA, Calif., (March 31, 2022) – 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, announces the completion of two Bay Area multifamily transactions: the $28.93 million sale of Three21@Belmont in San Mateo County, California, and the $52.88 million sale of Metro 77 & 85 Apartments in Alameda County, California.  

The assets range in size and are located on opposite sides of the San Francisco Bay, demonstrating the firm’s ability to identify a variety of assets that meet investor demand in this market, according to Adam Levin, Executive Managing Director, and Robert Johnston, Senior Managing Director of Levin Johnston, who represented the sellers in the transactions and procured the same buyer, a private investor within the Bay Area.  

“Our team’s deep knowledge of the local market was instrumental in facilitating both deals, as investors look to our expertise in locating and securing the best-situated properties for their portfolios,” says Levin. “Our firm has observed trends highlighting the Bay Area’s strong recovery and by utilizing these insights, we successfully identified a buyer who could benefit from two properties that will deliver strong returns over the next several years.” 

Levin notes that the location of both properties offers the buyer secure cash-flowing assets. The Bay Area has recently seen an influx of life science businesses step into the area, and tech companies have begun to resume normal operations within the market, furthering the demand for quality housing that offers easy commutes to these employers. 

“Despite the ongoing effects of the pandemic, it is projected that the Bay Area will add 1.1 million jobs by 2024,” adds Johnston. “This strong employment outlook positions these assets to benefit from continued long-term renter demand.” 

The properties are:

Three21@Belmont Apartments 

Levin Johnston directed the sale of this 65-unit multifamily property situated on 1.53 acres of land in the San Mateo County submarket of Belmont for a total consideration of $28.93 million (roughly $445,076 per unit). 

Three21@Belmont offers the buyer a recently renovated multifamily asset in the city of Belmont, which is strategically located halfway between San Francisco and San Jose.  

“The property provides a balance between suburban and city life that appeals to many renters in this market,” notes Johnston. “Belmont is a quiet residential community that offers quick and easy access to San Francisco and San Jose. Three21@Belmont truly provides the best of both worlds.” 

This property is close to transportation corridors and major employers such as San Mateo Medical Center, Kaiser Permanente, San Mateo Medical Offices and Mercedes-Benz, as well as a variety of shopping, dining, and entertainment options.  

Originally constructed in 1968, Three21@Belmont was recently upgraded with a renovated lounge and pool area. Interior amenities include stainless steel appliances, double-pane windows, and new hardwood floors. Exterior amenities include a state-of-the-art gym, business center, sunny courtyard and bike storage rooms, among others. 

The property is located at 301-321 Oxford Way, Belmont, California. 

Metro 77 & 85 Apartments

Levin Johnston directed the sale of this high-quality 146-unit multifamily community situated on 2.33 acres of land in Alameda County’s submarket of San Leandro for a total consideration of $52.88 million (roughly $362,191 per unit).  

“The position of this asset in the East Bay Area, which is adjacent to the Port of Oakland, offers residents proximity to tourist attractions and robust employment opportunities,” says Johnston. “This property is positioned to benefit from renter demand due to its strong location and recent renovations.” 

Metro 77 & 85 Apartments offers residents a mix of one-, two-, and three-bedroom floor plans featuring modern cabinetry, walk-in closets, electric appliances, and stainless-steel appliances. Exterior amenities include gym rooms, sunny courtyards, a swimming pool and a community pet area. 

Additionally, Metro 77 & 85 Apartments is close to Downtown San Leandro, a multitude of dining and entertainment options, and several national employers such as Kaiser, Tesla, and Chevron. Nearby public transportation includes the San Leandro Station BART, and the property offers easy access to Interstate 880 and Oakland International Airport. 

The complex is located at 77-85 Estabrook Street, San Leandro, California. 

For more information about Levin Johnston’s $100 million in available properties, visit www.levinjohnston.com

ABOUT LEVIN JOHNSTON  

Levin Johnston Group is one of the top multifamily brokerage teams in the U.S. specializing in wealth management through multifamily and commercial real estate investments. With a focus on growing and sustaining wealth for each and every Client, the Levin Johnston team is expert in investment sales and acquisitions, value-driven asset management, 1031 exchanges, and ongoing advisory services. Since its inception, Levin Johnston Group has directed more than $2 Billion in transactions, resulting in stable risk-adjusted returns for investors throughout the U.S.  Levin Johnston Group is part of Marcus & Millichap’s Palo Alto office. More information is available at levinjohnston.com

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