Levin Johnston of Marcus & Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully represented the buyer and the seller, both private investors, in the $23 million sale of Park Plaza, a 49-unit multifamily community in the Bay Area submarket of San Bruno, California.
Adam Levin, Executive Managing Director, and Robert Johnston, Senior Managing Director of Levin Johnston, were the exclusive listing agents for the recently renovated property, and also helped the seller trade into a larger asset in a 1031 exchange transaction, Levin notes.
“Through strategic upgrades, the seller brought an attractive, amenitized multifamily community to this highly in-demand Peninsula submarket, achieving a premium price that allowed him to exchange into a larger asset and expand his portfolio with improved economies of scale,” says Levin. “In turn, we were able to present the buyer with this rare opportunity to acquire a multifamily asset in the heart of the Bay Area. Ultimately, this deal demonstrates our company’s leadership as advisors in helping our clients grow and sustain wealth through a diversity of strategies.”
According to Johnston, the city of San Bruno is in a prime location in San Mateo County, which is experiencing tightening vacancy and 4.4% year-over-year rent growth.
He explains: “Situated just 10 miles south of Downtown San Francisco and adjacent to San Francisco International Airport, San Bruno is a thriving area of Northern California with strong employment fundamentals.”
The subject property is located less than a mile from YouTube’s current headquarters, and the proposed 2.3 million square-foot headquarters expansion project is predicted to add approximately 10,000 new jobs to the area over the next 20 years.
“This will greatly benefit the buyer by ensuring continued steady demand for multifamily units for the long term,” continues Johnston.
Originally constructed in 1964, Park Plaza is an approximately 65,900 square-foot apartment community located on a 1.28-acre lot. The property features a mix of studio, one-bedroom, and two-bedroom units.
The property’s recent renovations include significant exterior and interior upgrades. All of the unit interiors have been completely remodeled with modern, high-end designer finishes, dual-pane windows, updated kitchens, hard flooring, designer paint, window coverings, and new carpeting. Units feature private balconies and air conditioning and heating.
Community amenities include private secured subterranean parking, an elevator, private storage, on-site laundry facility, and security cameras.
Park Plaza is near several major employers, as well as shopping, dining, and entertainment options. The property is also in close proximity to Interstate 280 and Interstate 380, providing direct access to all major Bay Area destinations.
Park Plaza is located at 2081 Whitman Way in San Bruno, California.
Levin Johnston has completed over $540 million in sales spanning more than 70 transactions in 2019 to date, demonstrating continued health in the commercial real estate market in this region.
