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 the sale of Victoria Park, a 60-unit multifamily community located in the East Bay city of Fremont, California for $27.2 million. Adam Levin and Robert Johnston represented the seller in the transaction, as well as the buyer alongside Andres Lopez.
According to Levin Johnston’s Executive Managing Director Adam Levin, the Levin Johnston team 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 that offers further value-add potential and the ability to achieve steady returns for years to come.
“The previous owner updated the property with much-needed amenities and unit renovations to help bring the property up to market standard, including renovations to the building exterior and the addition of a pool and lounge area, enhancing the curb appeal and providing residents with a sense of convenience, comfort, and community,” says Levin. “By keeping our finger on the pulse of the market, leveraging our local relationships, and effectively communicating the quality of the recently upgraded community and the strength of the Fremont area, we were able to identify a reputable buyer, stay ahead of the competition, and ultimately secure the close of a satisfying transaction for both parties.”
The city of Fremont boasts a highly educated population, with 60 percent of residents over the age of 25 having a bachelor’s degree or higher. This education is reflected in the quality of jobs obtained by residents, as the median household income is $153,477 and the unemployment rate stands at just 2.6 percent, well below the 3.7 percent national average.
“Fremont is a hub of key driving industries such as advanced manufacturing, biotech, and clean tech. In fact, 900 advanced manufacturing companies call Fremont home as well as some of the top companies in the world such as TESLA, Logitech, Lam Research, Seagate, and Western Digital,” says Levin Johnston’s Senior Managing Director, Robert Johnston. “Because of its prime location near top employers and community amenities, Victoria Park’s new owners have the perfect opportunity to attract young professionals and families that are coming to the city for its quality of life and the many conveniences provided by Fremont and the surrounding area.”
Built in 1987, Victoria Park offers residents 32 one-bedroom units and 28 two-bedroom units. Amenities include covered parking, an on-site laundry room, pool, lounge area, fitness center, and vaulted, high ceilings. The property is near Fremont’s Central District, as well as quality shopping areas, high-ranked schools, great dining options and Central Park, which is home to Lake Elizabeth. A nearby BART station and proximity to Interstate 680 and 880 offers easy access to the San Francisco and Silicon Valley employment centers.
“The Levin Johnston team secured the buyer a rare opportunity to acquire a well-located multifamily asset that offers the potential for further value creation through additional strategic upgrades to in-unit and community amenities,” says Johnston. “Overall, this transaction speaks to our team’s ability to deliver truly valuable investment guidance based on our deep industry knowledge, relationship-focused approach, dominance in the markets we serve, and commitment to providing our clients with access to the best possible investments.”
Victoria Park is located at 40882 High St., Fremont CA 94538.