Levin Johnston Brokers Bay Area Value-Add Sale
- Mar 12, 2020
Marcus & Millichap’s Levin Johnston has assisted a private investor in the $4 million purchase of an 18-unit, value-add community in Berkeley, Calif. The transaction closed through a 1031 exchange that began with the $3.4 million sale of a nine-unit property in San Jose, Calif. Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller and procured the buyer in this transaction.
Located at 968 Addison St. in the West Berkeley neighborhood, the 1943-built community consists of one- and two-bedroom floorplans. Six of the apartments have been completely renovated, with improvements including updated kitchens, modern hard flooring and new appliances. The buyer intends to renovate the remaining units, as well. The 0.5-acre property is less than 2 miles west of downtown Berkeley and several bus stops are within walking.
Levin Johnston has been busy in California. In February, the same brokerage team represented both parties in two deals totaling $24.5 million in San Mateo. Additionally, the company also facilitated the sale of a 17-unit townhome community in Fremont. Cambridge Court was built in 1985, but recently underwent significant renovations.
“There have been year-over-year increases in 1031 exchange transactions in the California Bay Area, this trend is being driven by investors seeking to trade-up product for higher yielding assets in superior locations. Levin Johnston’s 1031 exchange volume is currently over $142 million and is expected to continue to tick upward in 2020. With this 1031 exchange, we were able to advise our client to trade into a property in an affluent community that is poised to build and preserve wealth for years to come,” Johnston told Multi-Housing News.