As featured on CityBiz — July 15, 2026
Levin Johnston, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments and the #1 multifamily team nationally within Marcus & Millichap, announces that it has completed the $9.75 million sale of Garden Villas, a 73-unit affordable multifamily community located in Oakland, California.
This sale is representative of ongoing opportunity for apartment investors in the region, including those experienced or interested in tax exemptions, notes Levin Johnston’s Executive Managing Director Adam Levin, who represented the seller and procured the buyer in the transaction.
"Garden Villas is an established residential community with meaningful scale, strong connectivity, and a pivotal role in providing attainable housing,” says Levin. “In addition to tax benefits, affordable and workforce housing in strategic locations has historically demonstrated resilience through changing market cycles because it serves a fundamental and enduring need. With limited new supply and sustained renter demand across the Bay Area, assets like this present compelling opportunities to create long-term value for investors and residents alike."
More than 50% of Garden Villa’s units have been renovated. These improvements, along with the property’s established resident base and affordability component, further position it as a compelling opportunity for both the seller and buyer.
"Garden Villas demonstrates the continued appeal of multifamily housing in markets where demand remains durable and supply remains constrained,” continues Levin. “The seller was able to capitalize on strong investor interest for a well-located, renovated asset, while the buyer acquired a strategically positioned community poised to deliver performance and value preservation. Our team was proud to bring together the right parties and successfully navigate the property’s regulatory considerations to complete the transaction."
Market conditions continue to support investor interest in Oakland multifamily assets. According to a recent Marcus & Millichap report, the Oakland market is expected to see limited new development, with inventory growth projected at approximately 0.4% in 2026, among the lowest levels nationally, while vacancies are forecast to reach approximately 4.5%, a five-year low and in line with the market’s historical average. Multifamily transaction activity has also gained momentum, increasing approximately 60% year-over-year as of late 2025, reflecting renewed confidence from private investors seeking opportunities in supply-constrained markets.
Levin Johnston’s Executive Managing Director Robert Johnston adds: “Oakland and the East Bay continue to demonstrate the characteristics that attract long-term multifamily investment, with a diverse employment base, significant barriers to new housing supply, and connectivity to some of the nation’s most important economic centers. These fundamentals underscore the importance of existing housing communities like Garden Villas, which provide residents with quality housing while offering investors the opportunity to create value in a resilient market.”
Levin confirms: “Oakland’s role as a regional transportation and trade center further strengthens its investment appeal. With ongoing public and private investment initiatives and continued efforts to support revitalization throughout the city, Oakland remains an important market for investors focused on long-term opportunity.”
Originally constructed in 1943, Garden Villas consists of 18 fourplex buildings and an additional community building featuring a leasing office, laundry facility, recreation space, and on-site manager’s residence. The community offers several attractive features, including private parking, renovated interiors, updated kitchens, dishwashers, vinyl plank flooring, tile, and other modern finishes.
The property is situated on a 3.43-acre parcel and offers a mix of one- and two-bedroom apartment homes, with more than 50% of units having undergone renovations. Located in East Oakland, the property benefits from the city’s connectivity to major employment centers throughout the Bay Area. Residents have convenient access to regional transportation infrastructure, including BART, Interstate 80, Interstate 580, Interstate 880, and the San Francisco-Oakland Bay Bridge, providing connections throughout the region.
Garden Villas is located at 1256 99th Avenue in Oakland, California.
For more information about Levin Johnston’s $200 million in available properties, visit www.levinjohnston.com.
ABOUT LEVIN JOHNSTON
Levin Johnston of Marcus & Millichap is one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments. With a focus on growing and sustaining wealth for each and every Client, the Levin Johnston team is expert in investment sales and acquisitions, value-driven asset management, 1031 exchanges, and ongoing advisory services. Since its inception, Levin Johnston has directed more than $9 billion in transactions, resulting in stable risk-adjusted returns for investors throughout the U.S. Levin Johnston is part of Marcus & Millichap’s Palo Alto office. More information is available at levinjohnston.com.
