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, announced that it has successfully closed more than $121.5 million in multifamily transactions involving a total of 329 units in the San Francisco Bay Area during the first quarter of 2021, including the $62.9 million sale of Marymount Gateway & The Summit at Skyline in Pacifica, California.
The properties are located throughout San Mateo, Santa Clara, and Alameda counties and range in size from three to 170 units, demonstrating the team’s ability to strategically procure buyers and identify multifamily assets to fit varying investor needs, according to Adam Levin, Executive Managing Director of Levin Johnston.
“Multifamily transaction activity in suburban markets throughout the Bay Area has started out strong in 2021, as investors feel a renewed sense of confidence in light of the vaccine rollout and planned return of Big Tech to the office in the coming months,” says Levin. “Transactions like the sale of the 170-unit Marymount Gateway & The Summit at Skyline are indicative of this faith and investor appetite. We were able to secure a strong price for the seller and identify a buyer with a sound strategy for long-term investment in the San Mateo County submarket.”
Robert Johnston, Senior Managing Director of Levin Johnston, adds that the seller in the transaction is seeking to diversify their portfolio within the Bay Area market and will trade into multiple properties as part of a 1031 exchange.
“With some uncertainty looming over whether the 1031 exchange program will continue as-is in the future, many savvy investors are thinking ahead and repositioning their portfolios now to take full advantage of current tax benefits,” explains Johnston.
Marymount Gateway & The Summit at Skyline is located at 435 Gateway Drive in Pacifica, California.
Additional notable transactions closed by Levin Johnston this quarter include:
- The $36 million sale of Iris Park Apartments & Iris Garden Apartments, totaling 100 units located at 611 & 641 Iris Ave in Sunnyvale, California.
- The $15.5 million sale of CEDAR on the BLVD Apartments, a 40-unit community located at 6054 Cedar Boulevard in Newark, California.
- The $5.625 million sale of Reeve Street Apartments, a 16-unit community located at 1358 -1368 Reeve Street in Santa Clara, California.
- The $1.515 million sale of a three-unit community located at 416 Jackson Avenue in Redwood City, California.