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6/29/21
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A local private investor spent $68.25 mil on three acquisitions in the Bay Area. The purchases include a 65.8k sf self-storage facility in Sunnyvale, a 100-unit apartment community also in Sunnyvale, and a 38-unit apartment community in Alameda.
The buyer was represented by Adam Levin and Robert Johnston with Levin Johnston of Marcus and Millichap. The buyer had sold a 170-unit multifamily property earlier this year, with the goal of trading into multiple assets in order to diversify their portfolio and take advantage of 1031 exchange benefits, according to Levin.
The three properties acquired include:
• A 65.8k sf, 508-unit self-storage facility operated by The Storage Spot and located at 220 W Ahwanee Ave in Sunnyvale. The asset was purchased for a total consideration of $18 mil.
• Iris Park Apartments and Iris Garden Apartments, an apartment complex totaling 100 units situated on 2.8 acres at 611-641 Iris Ave in Sunnyvale. The asset was acquired for a total consideration of $36 mil.
• Islander Apartments, a 38-unit, 31.4k sf apartment community located at 1707 Shore Line Dr in Alameda. The asset was purchased for a total consideration $14.25 mil.
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