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3/24/20
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A private investor completed a 1031 exchange by selling one Bay Area multifamily property and buying another in separate deals totaling about $7.5 mil. The transactions were for an 18-unit property in Berkeley and a nine-unit asset in San Jose. Adam Levin and Robert Johnston with Levin Johnston represented all the parties in both transactions.
968 Addison Street, Berkeley |
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The 1031 exchange began with the sale of a nine-unit multifamily community at 70-74 North 10th St in San Jose, which sold for $3.44 mil ($382k/unit). Situated on nearly half an acre, the community offers one- and two-bedroom floorplans.
Constructed in 1943, six of the units have been completely remodeled with updated kitchens, modern hard flooring, high-end designer finishes, and new appliances. The remaining units present room for ample value-add renovations down the line.
The exchange investor then purchased an 18-unit property located at 968 Addison St in Berkeley. That asset traded for $4.04 mil ($224k/unit).
The Levin Johnston duo also recently directed the sale of Cambridge Court, a 17-unit multifamily townhome community in Fremont. The property is located at 3102-3166 Rodney Common and traded for a price of $10.06 mil ($592k/unit).
Originally built in 1985, Cambridge Court has recently undergone significant renovations and offers its tenants large two-story, two-bedroom/two-bathroom townhouse units with high-end designer finishes including black granite countertops and cherrywood cabinets. Amenities include private backyards, upstairs balconies, in-unit washers/dryers, fireplaces and private covered parking.
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