June 18, 2019— 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 directed the $15.95 million sale of Buena Vista Apartments, a 52-unit multifamily asset in Alameda, California.
Adam Levin, Executive Managing Director and Robert Johnston, Senior Managing Director of Levin Johnston, represented the seller, a private high net worth investor, in the transaction.
“Alameda is currently experiencing the fastest population growth in the region, making it a highly desirable investment market,” says Levin. “The appeal of this asset is further substantiated by the city’s strong employment fundamentals and low vacancy levels – all factors that will drive high occupancy and a well-sustained renter base for years to come. Drawing upon each of these strengths, our team was successful in attracting a strong pool of buyers for the property.”
Situated on 1.58 acres, Buena Vista Apartments is in close proximity to the $1 billion Alameda Point development project, which broke ground in 2018 and is expected to create more than 9,000 new jobs in the region.
“In addition to its proximity to this future waterfront development and job-generator, Buena Vista Apartments is already in a prime rental location for commuters, which contributes to the strength of the asset as an investment,” says Johnston, who notes that the property is just one mile from the Alameda Ferry Terminal, which provides direct access to San Francisco, home to major employers including Kaiser Permanente, Uber, Twitter, Lyft, Google and more.
Originally constructed in 1966 and renovated in 2018, the multifamily property consists of two parcels and offers an attractive mix of studios, one- and two-bedroom floor plans. The newly renovated property includes on-site laundry, gated secure entrance, bike storage, barbeque and picnic areas, as well as additional storage units for tenant use.
Located at 4330-450 Buena Vista Avenue in Alameda, California, the property is in close proximity to major employers, transportation corridors, shopping, dining and entertainment options.