With over $1 million in capital improvements, and close proximity to top employers, the community offers investors a strong, cash-flowing asset
(EDITOR’S NOTE: According to public documents reviewed by The Registry, the seller was Oakland-based Bay Area Advisors, which purchased the property in May of 2019 for $18.75 million. The latest transaction closed in June of 2022, and the buyer was affiliated with the Campos Family Trust of Hillsborough, Calif.)
Hayward, Calif., (September 29, 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, has successfully completed the sale of Mission Bay Village, a 52-unit multifamily community located in the thriving city of Hayward, California, for $25.9 million ($498,076 per unit). Adam Levin, Robert Johnston, and Kevin Turner represented both Buyer and Seller in the transaction.
According to Levin Johnston’s Senior Managing Director, Robert Johnston, the property has recently undergone over $1 million in capital improvements, which combined with its pristine location and access to major employers, transportation corridors, shopping, dining and entertainment options, makes the property one of the most desirable investment opportunities in the East Bay.
“Even amidst economic headwinds, the multifamily market in the East Bay presents a tremendous opportunity for long-term value creation given its low vacancy rates, top-tier employment opportunities, and high quality of life offered to residents,” says Johnston. “In fact, Mission Bay Village is near many of the nation’s top employers including Tesla, Lucid Motors, Logitech, Facebook, PG&E, Chevron, and Kaiser, among others. The area’s continued economic development, employment growth and proximity to major attractions presents a prime opportunity for the community to receive strong renter demand for years to come.”
According to Levin Johnston’s Executive Managing Director Adam Levin, Mission Bay Village is a well-positioned asset set to benefit from its centralized East Bay location. In addition to employers, the property is also two blocks from the South Hayward BART station, less than 1.5 miles from California State University, East Bay and offers residents convenient access to Downtown Hayward, which provides a myriad of dining, shopping, and entertainment options.
“With proximity to employers, schools, and entertainment, investors are given the opportunity to pivot and attract a diverse range of residents including students, young professionals, and families that are driven to Hayward for its overall quality of life,” says Levin. “Our continued success in identifying lucrative opportunities like Mission Bay Village in the highly competitive Bay Area market and beyond is a testament to our deep industry knowledge, relationship-focused approach and commitment to putting our client’s success first.”
Situated on a 2.85-acre parcel of land, the property has a gross building area of approximately 55,971 square feet, offering residents beautifully designed one-bedroom, two-bedroom and townhouse style floor plans. Originally constructed in 1988, the property has recently undergone over $1 million of capital improvements to many of the units, providing tenants with luxury wood flooring, stainless-steel appliances, stone counter tops, wood burning fireplaces, a private patio or yard, and individual garage spaces for each unit.
Community amenities and improvements include electrical upgrades, new paint, pool furniture, a new water heater, new property signage, a playground, pool and hot tub, and pet play areas. The property is also a gated community, providing residents with increased safety and security.
“As the sixth largest city in the Bay Area, Hayward provides the best of both worlds to residents by mixing a tranquil, suburban lifestyle with easy access to the downtown life of Oakland and San Francisco,” says Levin. “With a median age of 35 years old, Hayward attracts a large millennial base that is looking to settle down, but has no urgent plans to buy a home. Instead, this demographic values a lifestyle of renting long-term in high-quality, spacious units and townhome style floor plans, much like that of Mission Bay Village.”
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.