NEWPORT BEACH, CA - 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 $40 million acquisition of 926 Woodside, a 77-unit apartment community, situated in Redwood City, California. Adam Levin, Robert Johnston and Michael Henshaw represented the buyer, a private investor in the transaction.
This acquisition was part of a complex 1031 exchange through which Levin Johnston identified an opportunity for the buyer to consolidate his four existing multifamily properties into one stable, cash-flow trophy investment.
“This transaction demonstrates the difference between a wealth-focused commercial property advisor and a run-of-the-mill broker,” says Levin, Executive Managing Director of Levin Johnston. “Our team understands the Bay Area’s strong economic growth and property appreciation and recognized the opportunity for the buyer to take advantage of a 1031 exchange. Our client will now benefit from consolidation, diversification, and management relief, as well as increased cash flow and income for years to come.”
Robert Johnston, Senior Managing Director of Levin Johnston, explains, “The Redwood City submarket is a hub of investment activity for buyers seeking to deepen the value of their portfolio, and sellers leveraging current market fundamentals to achieve value.”
926 Woodside is located in the coveted Palm Park neighborhood with direct access to Highway 101 and Interstate 280 – making it an attractive choice for commuters. The apartment community is also in close proximity to public schools, job centers, convenient medical services, recreational outlets as well as a wide variety of retail and entertainment options.
Originally constructed in 1963 and renovated in 2016, the property now offers its residents secure gated entry, keyless building entry, elevators, bike storage, EV chargers, on-site laundry room and community courtyards with BBQ areas.
“Fully renovated, high-quality multifamily assets demonstrate extremely strong long-term performance in this sought-after Bay Area market,” says Johnston. “By guiding our client through the complexities of this exchange, we successfully helped the buyer trade up from a $31.875 million portfolio into a trophy $40 million asset that will deliver deep value for years to come.”
The property exchange included the sale of four multifamily communities with a combined value of $31.875 million.
131 Elm Street, a 20-unit multifamily property situated in San Mateo, California.
Delano Apartments, a fully upgraded 35-unit multifamily community in San Jose, California.
560 Charter Street, a 15-unit apartment complex located in the mid-peninsula city of Redwood City, California.
1416 Floribunda Avenue, a nine-unit apartment building situated in Burlingame, California.
Levin Johnston has already completed over $348 million in sales in 2019 to date, demonstrating a continued demand for multifamily assets in this region. To learn more about the firm’s $100 million in available properties, please visit:www.levinjohnston.com