Levin Johnston of Marcus & Millichap directs three multifamily trades in Silicon Valley
BAY AREA, Calif., (October 29, 2018) – 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 closed three multifamily property transactions in the Bay Area.
“These transactions represent a new trend in investment demand in Silicon Valley and the Bay Area,” explains Adam Levin, Senior Managing Director of Marcus and Millichap’s Levin Johnston. “This multifamily market is exceptionally tight, with tremendous pressure on already compressing cap rates. To find the right fit for our Clients, many investors are shifting to small multifamily assets, which are still poised to provide strong returns in both the short and long term.”
Levin Johnston’s recent transactions include:
Trade of an Eight-Unit Apartment Complex in Pacifica
Levin Johnston directed the acquisition of an eight-unit apartment property on Hilton Lane in Pacifica for a total consideration of $4.3 million. Originally built in 1964, the asset was part of a 1031 exchange for the buyer, a private investor who was represented by Levin Johnston in the transaction.
“This small property is strategically located and offers tremendous upside potential for the buyer,” says Robert Johnston, Senior Managing Director of Levin Johnston. “The median household income in this region is almost double that of the nation, which supports high rental pricing and low vacancy rates on an ongoing basis.”
Situated on 0.22 acres, the property is in close proximity to major employers including Kaiser Permanente, Seton Medical Center, The Home Depot and Target.
The property is located at 122 Hilton Lane in Pacifica, California.
Sale of a Triplex in Redwood City
Levin Johnston also recently directed the $2.3 million sale of a triplex in Redwood City. Adam Levin and Robert Johnston represented both the seller and buyer – both private investors – in the transaction.
Originally constructed in 1930, the property is situated on 0.15 acres and offers a three-bedroom apartment as well as two two-bedroom apartment homes.
“This asset benefits from its proximity to Silicon Valley, making it well-positioned to attract strong rental demand from the local employment base,” says Johnston.
The triplex is located at 1536, 1538 and 1540 Jefferson Avenue in Redwood City, California.
Acquisition of a Seven-Unit Property in San Leandro
Levin Johnston also directed the acquisition of a seven-unit multifamily property located on Callan Avenue in San Leandro for $1.95 million. The transaction was part of a 1031 exchange and Levin Johnston represented the buyer, a private investor.
The property was built in 1962 and is located in downtown San Leandro, giving residents easy access to shopping centers, Bart stations, regional parks and nature areas, according to Johnston.
Situated on 0.16 acres, the property is comprised of four two-bedroom/one-and-a-half-bath units, two one-bedroom/one-and-a-half-bath units and one one-bedroom/one-bath unit.
The property is located at 224 Callan Avenue in San Leandro, California.
About Levin Johnston
Levin Johnston of Marcus & Millichap 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.