BELMONT, Calif., (February 7, 2018) – Levin Johnston, one of the top ten multifamily brokerage teams in the U.S., has successfully directed the $27.125 million sale of a two-property legacy multifamily portfolio totaling 54 units located in San Mateo County, according to Adam Levin, Managing Director and Robert Johnston, Senior Vice President of Levin Johnston.
Levin Johnston represented the seller, a private family that is also the original developer of one of the assets, as well as the buyer, a private investor, in the transaction.
“This was a rare opportunity to market two exceptionally located assets that benefit from long-term ownership and stability,” says Levin. “As investment advisors with a focus on helping Clients build and sustain wealth, this transaction offered the opportunity for our team to achieve a strong return for the seller while supporting the buyer in acquiring assets that will benefit their long-term income investment profile.”
The two communities, Belview Heights and Casa Belview, are located directly across the street from one another on Continental Way.
Belview Heights was built in 1977 by the seller, who commissioned a renowned Swedish architect to design the property.
Casa Belview was built in 1973 by a Pan American World Airways pilot to serve as an investment and a gathering spot for PanAm pilots and flight attendants during overnights in the Bay Area. The property traded to the seller in the mid-1980s.
“These two assets are situated in the Bay Area’s Mid-Peninsula, in San Mateo County, which is currently one of the strongest rental markets in the region,” says Johnston. “Both properties are near 100 percent occupancy. The location and the area’s strong employment fundamentals make these assets valuable as long-term holds for the buyer.”
Belview Heights and Casa Belview are located in close proximity to shopping and restaurants in Downtown Belmont, and near several of the country’s top employers including Sony, Facebook, Electronic Arts Inc. (EA), Visa and Oracle.
“Several transportation hubs, including Caltrain and the SamTrans bus line, provide nearby options for those who prefer not to use a car on a daily basis,” Johnston notes. “All the fundamentals for continuing incremental rent increases over time are in place.”
Levin adds “We continue to uncover opportunities for our clients to buy and sell in this increasingly profitable, yet tight, Mid-Peninsula market. Our ability to identify assets with upside potential, and strike at the right moment, is what Levin Johnston is able to provide to our clients.”
The two properties are located at 1015 and 1016 Continental Way in Belmont, California.
About Levin Johnston
Levin Johnston 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 has directed more than $2 Billion in transactions, resulting in stable risk-adjusted returns for investors throughout the U.S. Levin Johnston is part of Marcus & Millichap’s Palo Alto office.