Marcus & Millichap’s Levin Johnston has brokered the sale of two multifamily properties in San Mateo, Calif., for a total of $24.5 million. One of the properties is 600 Mariners Island, a 24-unit community, and the other one is 401 at Poplar, a 31-unit asset. Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the sellers and the buyers in both transactions. Last month, Levin Johnston also arranged the sale of a 49-unit community in San Bruno, Calif., for $23 million.
Built in 1976, the first property traded for almost $13 million. Common-area amenities include a swimming pool, clubhouse, fitness center, dog park and playground. The community at 600 Mariners Island Blvd. was acquired by a foreign investor from a private owner.
Located at 401 E. Poplar Ave. near Highway 101, the other community changed hands for $11.5 million. Both the seller and the buyer were private investors. The 1962-built property recently underwent a capital improvements plan. Common-area amenities at 401 at Poplar now include a new barbecue area and playground as well as updated laundry facilities.