Levin Johnston Brokers Bay Area Value-Add Sale
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.