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January 21, 2020
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Bay Area Multifamily Property Acquired for $469k/Unit

1/09/20

Park Plaza, a 49-unit multifamily community in the Bay Area submarket of San Bruno, traded between private investors in a recent $23 mil ($469k/unit) transaction. Park Plaza is located at 2081 Whitman Way, in a San Mateo County area just 10 miles south of Downtown San Francisco and adjacent to San Francisco International Airport.

Originally constructed in 1964, Park Plaza is a 65.9k sf apartment community located on a 1.28-acre lot. The property features a mix of studio, one-bedroom, and two-bedroom units. Community amenities include private secured subterranean parking, an elevator, private storage, on-site laundry facility, and security cameras.

The property’s recent renovations include significant exterior and interior upgrades. All of the unit interiors have been completely remodeled with modern, high-end designer finishes, dual-pane windows, updated kitchens, hard flooring, designer paint, window coverings, and new carpeting. Units feature private balconies and air conditioning and heating.

The property is located less than a mile from YouTube’s current headquarters, and the firm’s proposed msf headquarters expansion project is predicted to add approximately 10,000 new jobs to the area over the next 20 years. Park Plaza is near several major employers, as well as shopping, dining, and entertainment options. The property is also in close proximity to Interstate 280 and Interstate 380, providing direct access to all major Bay Area destinations.

Adam Levin and Robert Johnston of Levin Johnston were the exclusive listing agents for the recently renovated property, and also helped the seller trade into a larger asset in a 1031 exchange transaction.

“Through strategic upgrades, the seller brought an attractive, amenitized multifamily community to this highly in-demand Peninsula submarket, achieving a premium price that allowed him to exchange into a larger asset and expand his portfolio with improved economies of scale,” says Levin.





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