Levin Johnston Directs Sale of Three Multifamily Properties in California Bay Area for a Total Consideration of $34.32 Million
Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed three multifamily property sales in the Bay Area for a total consideration of $34.32 million.
Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller and procured the buyer.
“While the multifamily market is certainly riding out the wave of the pandemic, the Bay Area provides a silver lining to strategic multifamily investors looking to expand their portfolio. Tech giants including Facebook, Google and Salesforce recently announced new job openings, making the Bay Area an attractive choice for renters,” explains Levin. “In this transaction, we were able to procure a strong buyer who recognized the long-term investment opportunity, and that by purchasing the three properties, which are part of a six-property portfolio, they would benefit from economies of scale. As a result, we were able to secure an attractive sales price for our seller.”