Levin Johnston of Marcus & Millichap directed the acquisitions of two Bay Area multifamily assets totaling 70 units for $24.35 million. The single buyer, a private investor, invested proceeds from the recent sale of a three-property portfolio as part of a 1031 exchange.
The transactions were completed by Levin Johnston executive managing directors Robert Johnston and Adam Levin and associate director investments Jessica Tomasetti. The properties include Park Tower Townhomes & Apartments, a 52-unit multifamily community in Castro Valley; and 280 Howland St., an 18-unit community in Redwood City.
“These investments demonstrate both the opportunities for stability and solid growth potential through Bay Area multifamily real estate, at a time when housing supply-to-job growth imbalances and high barriers to home ownership are driving demand,” said Levin. “Residents continue to be drawn to the region’s unmatched employment, networking, and access to high-quality living.”
The post Private Investor Acquires Two Bay Area Properties in 1031 Exchange appeared first on Connect CRE.
