BAY AREA, Calif, (August 23, 2021) – 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 announced the successful completion of 11 multifamily transactions comprising over 80 units, totaling over $33.3 million in the Bay Area of California as employers and educational institutions in the area resume new hybrid schedules.
“Levin Johnston specializes in identifying the best performing multifamily markets and assets in California on behalf of our clients,” says Adam Levin, Executive Managing Director of Levin Johnston. “Our depth of knowledge in this region enables us to offer our clients a vast understanding of macro and micro trends, helping them to secure properties that will deliver stable returns for years to come.”
Levin notes that recent employment gains have greatly increased the demand for multifamily properties, as tech employers in the Bay Area increasingly offer remote or partially remote jobs to retain and attract workers. With employment rates steadily increasing, national multifamily vacancy rates decreased 3.8% in the second quarter, strengthening demand throughout this product type.
“We are fortunate to specialize in an area that has long benefited from a thriving workforce, driven by major employers such as Twitter, Zoom, Adobe, Netflix, and Brocade Communications, among many others,” added Robert Johnston, Senior Managing Director of Levin Johnston. “As local workers adjust to new home and office schedules, multifamily demand is positioned to continue its rapid rise. We seek further value for our clients by identifying properties in close proximity to colleges and universities, which will benefit from long-term student demand.”
More than half of the total acquisitions Levin Johnston directed are located near public and private schools. Even as more students, teachers, and faculty staff prepare to welcome students for in-person lessons, students who opt for online classes will continue to need housing close to schools. These realities give Levin Johnston’s clients the opportunity to leverage strong continued demand and secure strong cash-flow streams benefiting from local education and trade schools, in addition to other market drivers.
The 11 multifamily transactions Levin Johnston has directed include:
- Bloomfield Apartments, Concord
Levin Johnston represented the buyer and the seller, both private owners, in this $5,500,000 transaction. The apartment community consists of 15 units and is located less than one mile from the Concord BART station. The property is less than three miles from a local community college and about 15 minutes away from active employers, such as the regional offices of Best Buy, Canon Solutions America, and Costco Warehouse. Bloomfield Apartments is located at 1655 Bloomfield Ln, Concord, California.
- 763 San Justo Ct, Sunnyvale
Levin Johnston successfully directed the sale of a 13-unit multifamily asset on behalf a local private investor for a total consideration of $5,425,000. The asset is in proximity to major employers such as LinkedIn and Google, while offering tenants access to parks and restaurants in the Downtown Sunnyvale area. The property is located at 763 St Justo Ct, Sunnyvale, California.
- 764 San Justo Ct, Sunnyvale
Located next door to 763 St Justo Ct, Levin Johnston also directed the $5,375,000 sale of this 12-unit multifamily community on behalf a local private investor. The apartment community is located near educational institutions and in commutable distance to tech giant, Zoom Video Communications. The property is located at 764 San Justo Ct, Sunnyvale, California.
- 200 Maple Ave, South San Francisco
Levin Johnston represented the seller, a local private investor, in the sale of this 8-unit property for a total consideration of $3,000,000. The multifamily asset is conveniently located near the South San Francisco Caltrain Station and San Francisco International Airport, located at 200 Maple Ave, South San Francisco, California.
- 457 S 10th Street, San Jose
Levin Johnston directed the $2,825,000 million sale of this 9-unit property, which is centrally located in Downtown San Jose within commutable distance to major employers like Adobe Systems, Yahoo!, and Apple. The asset is located at 457 S 10th St, San Jose, California.
- 775 San Justo Ct, Sunnyvale
Levin Johnston represented a local private investor as the seller in the $2,325,000 disposition of this 6-unit property. Located within seven miles of several educational institutions, the asset offers close proximity to Oaks Station, San Francisco International Airport and Oakland International Airport. The property is located at 775 San Justo Ct, Sunnyvale, California.
- 3424 24th Street, South San Francisco
Levin Johnston represented the buyer and seller in this $2,200,000 transaction. The property consists of six units, nestled within San Francisco’s oldest neighborhood, the Mission District, offering tenants close by transportation, parks, and retail stores for all needs. This unique asset is in close proximity to University of California, San Francisco and is located at 3424 24th St, San Francisco, California.
- The Bungalows at N 11th in San Jose
Levin Johnston successfully directed the $2,094,500 million sale of this 6-unit multifamily asset on behalf of a local private investor, securing a strong and stable cash-flow property. The Spanish style community is in close proximity to San Jose State University. Residents can walk to the highly popular campus or take advantage of the short five-minute drive. The Bungalows is located at 40 N 11th St, San Jose, California.
- 2812 Grant Street, Concord
This 6-unit property was sold for $1,788,000. Levin Johnston represented the buyer and seller, both private local investors, in the transaction. The multifamily asset offers the buyer tremendous upside potential in rental income based on the property’s location, which is an 8-to-10-minute drive from John Muir Health, Concord Medical Center and a short 5-minute drive from the bustling Downtown Concord area. The property is located at 2812 Grant St., Concord, California.
- 15551 Tracy Street, San Lorenzo
Levin Johnston represented the seller in this 4-unit multifamily sale for a total consideration of $1,435,000. The property is located at 15551 Tracy Street, San Lorenzo, California.
- 2.42-acre Land Sale in Hayward
This $1,350,000 million land sale was directed by Levin Johnston on behalf of the buyer and seller. The site was purchased by a nonprofit organization on behalf of the City of Hayward with plans to build a park, adding value for the surrounding area and residents. The property is located at 1350 E. St, Hayward, California.
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.