August 20, 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 successfully directed the sale of two multifamily communities in two Northern California submarkets for a total transaction volume of $23.4 million.
The properties include a 37-unit apartment/townhome community in Castro Valley, California, and a 16-unit apartment community in Palo Alto, California.
“These transactions demonstrate the ongoing appeal of the East Bay and Silicon Valley, submarkets that consistently garner strong multifamily investor interest and activity,” says Adam Levin, Executive Managing Director of Levin Johnston. “We continue to see record transaction volume in these regions of Northern California, and we expect this trend to continue for the remainder of 2019 and into 2020.”
Levin Johnston’s recent transactions include:
- $12.9 Million Sale of Terra Castro Valley
Levin Johnston of Marcus & Millichap arranged the sale of Terra Castro Valley, a 37-unit multifamily community in Castro Valley, California, for $12.9 million to an institutional buyer. The seller, an institutional investor, was also represented by Levin Johnston.
“With robust demand in this market, properties like Terra Castro Valley are highly sought after by investors,” says Robert Johnston, Senior Managing Director of Levin Johnston. “We were able to match the seller, who had made interior and exterior improvements in order to increase the property’s value upon sale, with the buyer, who recognized the long-term potential in this renovated East Bay asset, satisfying both parties’ investment objectives.”
Terra Castro Valley offers renters close proximity to the nation’s top tech employers, including Tesla, Google, Oracle, Facebook, Visa, Sony, and many others. The asset is also located less than one mile from Castro Valley Marketplace, a three-level gourmet lifestyle center set to open in Fall 2019. The center will feature a butcher, bakery, patisserie, natural grocery store, full-service restaurant, wine bar, cooking school, apothecary, and event space.
Originally constructed in 1964, Terra Castro Valley is a pet-friendly property featuring 31 two-bedroom townhomes and six one-bedroom apartments, as well as a resort-style pool, on-site laundry, assigned parking, and secured gated entry. The apartments offer private patios, while the townhomes feature enclosed yards.
The property is located at 2275 Grove Way in Castro Valley, California.
- $10.5 Million Sale of Hawthorne Apartments
Levin Johnston also directed the sale of Hawthorne Apartments, a 16-unit multifamily community in Palo Alto, California, for $10.5 million. Adam Levin represented the seller, an institutional investor, and the buyer, a private investor.
“Hawthorne Apartments represented a rare opportunity to acquire a turnkey asset in a trophy location within this high barrier-to-entry market,” says Levin. “The sale price reflects the strong appeal of well-positioned multifamily communities within one of Silicon Valley’s most desired cities.”
Hawthorne Apartments is located in the Downtown North neighborhood of Palo Alto – an exceptionally affluent pocket where 53% of the population holds a master’s degree or higher.
The property is within one mile of Stanford University and within minutes of Santa Clara University and Menlo College. It is also in close proximity to transportation corridors and tech employers including Google, Adobe, Apple, Yahoo, Facebook, and Tesla, among others.
Built in 1956 and renovated in 2018, Hawthorne Apartments offers one-bedroom units with private parking garages or assigned parking spaces, on-site laundry, and a bike rack. The property is located at 325-327 Hawthorne Avenue in Palo Alto, California.
Levin Johnston has completed over $300 million in sales in 2019 to date, demonstrating continued health in the commercial real estate market in this region.