Levin Johnston Arranges Bay Area 1031 Exchange
- Apr 06, 2020
Levin Johnston of Marcus & Millichap has arranged the $5.8 million sale of Leigh Court, an 18-unit community in San Jose, Calif., and the $8.4 million purchase of 1 Devonshire, a 15-unit multifamily property in San Carlos, Calif. Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston advised a private investor in the 1031 exchange.
Located at 1235 Leigh Ave., Leigh Court is 4 miles southwest of downtown San Jose. The 1963-built community consists of two-story buildings with studio, one- and two-bedroom floorplans.
The San Carlos property at 1 Devonshire Blvd. is a mile from city center. Developed in 1965, the community includes a mix of studios, one- and two-bedroom units. The property recently underwent significant exterior and interior upgrades.
Recently, Levin Johnston facilitated another 1031 exchange in the Bay Area. The brokerage company represented the seller and procured the buyer of an 18-unit, value-add community in Berkeley, Calif. The transaction followed the $3.4 million sale of a nine-unit property in San Jose.