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NORTHERN CALIFORNIA NEWS
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Exchange Investor Sells and Buys Bay Area Apartment Properties in Deals Totaling $7.5 Mil

3/24/20

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
968 Addison Street, Berkeley
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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