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 directed two multifamily property sales totaling $19.88 million in the Bay Area of California.
The properties include a 33-unit apartment community in Redwood City, California and a 25-unit apartment community in Mountain View, California.
“As the multifamily market cycle continues to mature, investor activity in this region remains at an all-time high,” explains Robert Johnston, Senior Managing Director of Levin Johnston. “In 2018, our team directed 55 transactions totaling over $700 million in Silicon Valley and the Bay Area. These two newest sales in Redwood City and Mountain View indicate that this trend is on track to continue throughout 2019.”
Levin Johnston’s recent transactions include:
$10 Million Sale of Redwood Apartments
Levin Johnston of Marcus & Millichap arranged the acquisition of a 33-unit multifamily community in Redwood City, California for $10 million on behalf of the buyer and seller, both local apartment owners in the Bay Area.
“This transaction represents the continued strength of the Bay Area multifamily investment market,” says Adam Levin, Senior Managing Director of Levin Johnston. “Redwood City is a high barrier to entry market that is fueled by tech job growth and rental demand. The Bay Area is currently experiencing a shortage of housing units and steady rent growth, which will make this asset a strong investment for ongoing cash flow and value appreciation.”
Redwood Apartments offers renters close proximity to the nation’s top tech employers including Google, Oracle, Facebook, Visa, Sony and many others. In addition, Stanford University is constructing its first major satellite campus in Redwood City.
Originally constructed in 1964, Redwood Apartments features one- and two-bedroom apartments, on-site laundry, covered carport parking and secured gated entry.
The property is located at 200 Dumbarton Avenue in Redwood City, California
$9.88 Million Sale of Alamo Park Apartments
Levin Johnston also directed the sale of a 25-unit apartment community in Mountain View, California. Adam Levin, Robert Johnston and Eymon Binesh represented the buyer and the seller, both local apartment owners in the Bay Area.
“This asset is situated in a world class location in the heart of Silicon Valley. Alamo Park Apartments presents an attractive choice for Bay Area renters due to its close proximity to transportation corridors, shopping, dining, entertainment, and major employers,” says Levin. “The investment appeal of this asset was driven Mountain View’s strong employment fundamentals and low vacancy levels.”
The asset is located within minutes from many distinguished universities including Stanford University, Santa Clara University and Menlo College. As part of the Silicon Valley, the property is in close proximity to high-tech companies such as Google, Adobe, Apple, Yahoo and Facebook, among others.
Situated on 0.96 acres, Alamo Park offers tenants one- and two-bedroom units, a secluded central courtyard, swimming pool and on-site laundry. The property is located at 620 Alamo Court in Mountain View, California.
In 2018, Levin Johnston of Marcus and Millichap successfully directed 55 transactions totaling over $700 million in the Bay Area market.
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.