Bay Area Properties Sell for $25M
- Jul 10, 2019
Levin Johnston of Marcus & Millichap has arranged the sale of two communities in Belmont, Calif., for a combined $25 million. The brokerage firm represented the seller, a private owner, as well as the buyers, two Family Trust Exchange investors.
The deal includes Village Drive Apartments, a 30-unit community located at 1100-1114 Village Drive, and Carlmont Park Apartments, a 22-unit property situated at 1230 Alameda De Las Pulgas. The two communities are roughly within a 7-minute walk of each other, near freeways 82 and 101, and around 25 miles from downtown San Francisco. Additionally, the properties provide access to employers such as Google, Oracle, Sony and Facebook.
Constructed in 1959, Village Drive Apartments traded for $16 million. The building has recently undergone interior and exterior renovations and comprises a mix of one- to and three-bedroom floorplans, featuring new dual-pane vinyl windows, laminate flooring, upgraded kitchen cabinets, counters, backsplashes, lighting and appliances. The property was also updated with 34 on-site parking spots and a laundry facility.
Built in 1962, Carlmont Park Apartments sold for the first time in three decades for a total of $9 million. The property encompasses studios and one-bedroom units. Communal area amenities include a central community garden-lined courtyard, on-site laundry facility, private garages, covered parking and private patios.
Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston arranged the sale. In February, the duo sat down with Multi-Housing News and provided insights on the Bay Area’s dynamic investment market.