Transactions highlight the team’s position as a leading player in the East Bay market
Hayward, CA (March 1, 2023) – 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 sale of two multifamily communities in Hayward, California, a city in San Francisco’s East Bay, for a total consideration of $23.6 million: Hayward Heights and Dixon Landing Apartments. Levin Johnston completed the transactions on behalf of their private investor clients.
Through their deep expertise and extensive experience in the East Bay multifamily market, Levin Johnston’s team was able to identify two properties in Hayward that meet the specific needs of their clients.
“As area experts, our team worked diligently to source and secure for the buyers two buildings in excellent locations that suit their investment strategies, while still satisfying the sellers’ price requirements,” says Adam Levin, Executive Managing Director of Levin Johnston. “Due to our commitment to delivering the best results for each client we represent; we were able to ensure each of these deals closed seamlessly.”
Strategically located along the East Bay, Hayward is an outstanding submarket for multifamily investment, notes Levin.
“Our team recognizes this area offers a breadth of opportunity for investors,” says Levin. “With over 160,000 residents, Hayward is the 6th largest town in the Bay Area. Residents can easily navigate both sides of the San Francisco Bay, using private or public transportation with two BART stations within a few miles of each property, and the city is local to some of the Bay Area’s biggest employers including Tesla, PG&E, Chevron, Kaiser, and the University of East Bay.”
Lenders are beginning to demonstrate a positive shift toward strong multifamily markets like Hayward, indicating that now is an ideal time to invest in apartment assets in this region, comments Robert Johnston, Senior Managing Director of Levin Johnston.
“Drawing upon our strong relationships in the East Bay and ability to be nimble and adaptable to changing market fundamentals, we were successful in securing a favorable locked rate of 5.3%,” says Johnston. “Despite recent market uncertainty, the tide is turning in favor of multifamily borrowers in key markets like Hayward.”
Levin Johnston represented the buyer and seller in the $12 million ($292,682 per unit) sale of Hayward Heights, a 41-unit multifamily property that sits on 1 acre of land with a gross building area of 28,684 square feet.
The property, constructed in 1961 and newly renovated, provides residents with ample space, featuring large decks and patios and shared backyards. Common amenities include a community pool, on-site parking, and laundry facilities. With over $1.25 million in recent capital improvements, the unit interiors were recently updated with new kitchens, bathrooms, hardwood flooring, and windows.
“This extensively upgraded turnkey property is located in one of the most desirable and dynamic locations in Hayward,” notes Johnston. “Hayward’s strong employment base and low vacancy rate make this a smart choice for our investors. With major employers, a university, entertainment and transportation all within close proximity, this asset is positioned to provide steady cash flow for our investors for the foreseeable future.”
Hayward Heights is located at 23972 2nd Street in Hayward, California, 94541.
Dixon Landing Apartments
Levin Johnston also represented the buyer in the $11.6 million ($257,777 per unit) sale of Dixon Landing Apartments. Built in 1988, the apartment complex comprises 45 units with newly created private balconies and patios. Common amenities include on-site laundry facilities and parking.
The property is conveniently located close to Mission Boulevard and Highway 880 and is within walking distance to BART, shopping centers, and parks.
“Investors were drawn to this multifamily community due to its prime location,” says Levin. “With its easy access to the Bay Area and transportation systems, multiple outdoor lifestyle options, and over 80,000 local jobs, Hayward is a thriving real estate market that is positioned to generate strong, long-term rental demand for years to come.”
Dixon Landing Apartments is located at 29371 Dixon Street in Hayward, California, 94544.
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.