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November 17, 2019
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MULTIFAMILY NEWS
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Bay Area Exchange Transaction Entailed Multifamily and Office Trades that Totaled $28.6 Mil

9/17/19

We’ve got news of a recent 1031 exchange that consisted of two Bay Area transactions totaling $28.6 mil. The exchange began with the $22.5 mil sale of Woodgate Apartments, a 34-unit multifamily community in Mountain View, and concluded with the $6.1 mil acquisition of 558 Brewster, a newly renovated, single-tenant office building totaling 5.6k sf in Redwood City.

The sale property, Woodgate Apartments, is located at 1950 Montecito Ave in Mountain View, in close proximity to Hwy 85 and Hwy 101, offering direct access to the entire Bay Area. Originally constructed in 1976, the property offers studios, one- and two-bedroom apartments, as well as laundry facilities and covered parking.

The acquisition property, 558 Brewster, was originally constructed in 1981 and renovated earlier this year. The property, which includes two floors of office space, is situated in a prime corner location at Brewster Ave and Winslow St. The asset also features ample on-site parking, a carport, storage areas, and high-quality kitchen facilities.

The property is in walking distance to a Caltrain station and downtown Redwood City. The area benefits from its proximity to Silicon Valley, attracting major tech companies including Apple Inc, Tesla, Yahoo, and Microsoft, among many others.

The unnamed investor was represented in both transactions by Adam Levin and Robert Johnston with Levin Johnston.

“A unique investment opportunity in a top-performing market, 558 Brewster is a perfect fit for an experienced investor looking to expand their portfolio,” says Johnston. “The demand for quality office product is at an all-time high. Future job growth in Redwood City is projected to be 37% over the next 10 years, surpassing the U.S. average of 33.5%.






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