July 8, 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 two property sales totaling $24.99 million in Belmont, California – a high-barrier to entry market in San Mateo County.
Adam Levin, Executive Managing Director and Robert Johnston, Senior Managing Director of Levin Johnston, represented the seller, a private high net worth investor. They also represented the buyer in each transaction both of which were Family Trust Exchange buyers.
“Belmont is one of the strongest and most robust rental markets in the country,” explains Levin. “Each of these multifamily assets are positioned to perform well over time based on their close proximity to many of the nation’s top tech employers such as Oracle, Facebook, Sony and Google, among many others – which will drive continued occupancy and a well-sustained renter base for years to come.”
Levin Johnston’s recent sale transactions include:
- $16 Million Sale of Village Drive Apartments
Levin Johnston of Marcus & Millichap directed the sale of a 30-unit multifamily community in Belmont, California for $16 million. Situated on 0.72 acres, Village Drive Apartments consists of four buildings totaling approximately 34,889 square feet.
The property recently underwent extensive renovations including exterior and interior improvements such as new dual-pane vinyl windows, fresh paint, landscaping and architectural improvements. The apartment interiors have been updated with laminate flooring and upgraded kitchen cabinets, counters, backsplashes, lighting and appliances.
“We immediately recognized the appeal of this asset, based on its favorable location and extensive capital improvements,” says Johnston. “In the current market, many private investors are seeking boutique-sized apartment communities that have been recently renovated. These assets can be held for the long term as cash-flow investments.”
Levin adds, “We understood the ‘sweet spot’ this property fit for many investors and drew upon our local relationships to identify a competitive pool of buyers, ultimately achieving a strong sale price for our Client.”
Originally constructed in 1959, Village Drive Apartments offers a mix of ten one-bedroom/one-bathroom units, 14 two-bedroom/one-bathroom units and six three-bedroom/one-and-one-half bathroom units. Additionally, Village Park Apartments has been updated with 34 on-site parking spaces and an on-site laundry facility for its residents.
Located at 1100-1114 Village Drive, the property is in close proximity to the nation’s top tech employers, shopping, dining and entertainment options.
- Carlmont Park Apartments Trades For the First Time in Three Decades
Levin Johnston also directed the sale of Carlmont Park Apartments, a 22-unit multifamily community in Belmont, California for a total consideration of $8,998,000.
“This transaction was a rare opportunity to bring an asset to market that had been under the same ownership for more than 30 years,” says Johnston. “Trades like these are unique, and represent the tremendous value creation that is still available to multifamily investors in the Mid-Peninsula market.”
Levin adds, “Driven by Belmont’s strong employment fundamentals and low vacancy levels as well as the Bay Area’s continued investment in infrastructure and public transit, this market will continue to attract renters from nearby San Francisco and San Jose employment hubs for years to come.”
Originally constructed in 1962, Carlmont Park Apartments is situated on 0.56 acres of land and offers a mix of studio and one-bedroom floorplans. Community amenities include a central community garden-lined courtyard, an on-site laundry facility, private garages, covered parking, as well as lush landscaping and private patios for each unit.
Located at 1230 Alameda De Las Pulgas, Carlmont Park Apartments is in close proximity to nationally ranked schools, public transportation hubs and several high-end shopping, dining and entertainment options.