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 announced the sale of Farm Hill Manor, a 24-unit newly renovated multifamily community in the Bay Area submarket of Redwood City, California. The property was purchased by a private buyer for $15.8 million.
Levin Johnston’s Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston, and Investment Associate Regan Cherrington represented the seller and procured the buyer in the transaction.
“We took charge after this property was previously marketed unsuccessfully by another broker,” says Adam Levin. “We understood the value of this strategically located property and were ultimately able to secure a strong price for the seller, while setting up the buyer with a long-term investment opportunity with further value-add potential.”
Levin also notes that the brokerage team’s deep knowledge of the local market was instrumental in facilitating the deal.
“Our continued success in identifying lucrative opportunities to acquire and sell in the highly competitive Bay Area market and beyond is a testament to our deep industry knowledge, relationship-focused approach and commitment to putting our client’s success first,” says Levin.
With Redwood City job growth projected to be 37 percent over the next 10 years and the city’s vacancy rate of just 2 percent, the upside potential for Farm Hill Manor is tremendous, according to Robert Johnston.
“Farm Hill Manor is a well-positioned asset for the buyer, who will benefit from Redwood City’s strong employment fundamentals and low vacancy levels,” notes Johnston. “Redwood City is growing rapidly, and the demand for quality, for-sale housing is at an all-time high and outpacing current supply. The area’s continued economic development, employment growth and proximity to major attractions presents a prime opportunity for the community to receive strong renter demand.”
Originally constructed in 1963 and situated on a 36,154 square foot parcel of land, Farm Hill Manor offers its tenants beautifully designed one-bedroom, two-bedroom and three-bedroom floor plans. The property also offers private backyards and balconies for all three-bedroom units and private patios for all two-bedroom units. Residents will benefit from the on-site laundry facilities, community pool, community garden, tuck-under parking, and extra storage.
Farm Hill Manor offers residents convenient access to both San Francisco’s Bay Area and Silicon Valley, and is situated near major employers, transportation corridors, nature parks, prestigious educational institutions, shopping centers, and dining and entertainment options.
Farm Hill Manor is located at 3510, 3516 & 3524 Farm Hill Boulevard, Redwood City, California 94061.