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8/19/19
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Two Bay Area apartment properties - one in Castro Valley and one in Redwood City – have sold in recent deals with a combined price of $12.3 mil. The property sales were part of a successful 1031 exchange.
The 1031 exchange began with the $3.3 mil sale of Somerset Suites, a nine-unit ($367k/unit) multifamily community in Castro Valley and concluded with the $9.03 million acquisition of Woodside South, a 17-unit ($531k/unit) multifamily community in Redwood City.
Woodside South, Redwood City |
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Adam Levin and Robert Johnston of Levin Johnston represented the seller in the sale of Somerset Suites, and represented both the seller and the buyer in the Woodside South transaction.
According to Levin, the Redwood City market is highly desirable for investors – nearly 28,000 people are expected to be added in that market through 2022, generating strong ongoing demand for multifamily housing. The area benefits from its proximity to Silicon Valley, attracting major tech companies including Apple Inc, Tesla, Yahoo and Microsoft, among many others.
Situated on 0.45 acres at 15 Atherwood Ave in Redwood City, Woodside South offers high-quality one- and two-bedroom floorplans. Constructed in 1959, the property has recently undergone significant exterior and interior renovations including modern, high-end designer finishes, dual pane windows, updated kitchens, modern hard flooring, designer paint, electronic thermostats, window coverings and new carpeting.
Located at 3363 Somerset Ave in Castro Valley, Somerset Suites is in close proximity to I-880 and Highway 238, offering direct access to the entire Bay Area. Originally constructed in 1951, the property offers one-, two- and three-bedroom cottage and townhouse style units, as well as private back yards and private garages.
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