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4/13/20
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A private investor recently completed both legs of a 1031 exchange through two multifamily transactions in the Bay Area with a combined value of $14.18 mil. The transactions consisted of the sale of Leigh Court, an 18-unit multifamily community in San Jose, and the purchase of 1 Devonshire, a 15-unit multifamily property in San Carlos.
Leigh Court, located at 1235 Leigh Ave in San Jose, was sold for $5.75 mil ($319.4k/unit). Originally constructed in 1963, the property offers beautifully designed studio, one-, and two-bedroom floorplans.
On the Peninsula, the 15-unit property at 1 Devonshire Blvd in San Carlos was acquired by the seller of the San Jose property for $8.43 mil ($562k/unit). Originally constructed in 1965, 1 Devonshire offers renters a mix of studio, one and two-bedroom floor plans. The property recently underwent significant exterior and interior renovations which include modern bathroom and vanity light fixtures, new custom interior paint, hardwood flooring, in-unit washers and dryers, dual pane windows, and updated kitchens.
Adam Levin and Robert Johnston with Levin Johnston of Marcus and Millichap represented the exchange investor in both deals. Situated near the nation’s top tech employers and lively community, 1 Devonshire is a trophy asset that will attract Peninsula renters for years to come, notes Levin.
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