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Private Investor Acquires Two Bay Area Multifamily Properties for $24.35 Million in 1031 Exchange
Levin Johnston of Marcus & Millichap has facilitated the acquisition of two multifamily properties in the San Francisco Bay Area, totaling 70 units and valued at $24.35 million. The buyer, a private investor, used proceeds from the recent disposition of a three-property portfolio to complete the purchases as part of a 1031 exchange.
The transactions were led by Robert Johnston and Adam Levin, executive managing directors at Levin Johnston, along with associate director of investments Jessica Tomasetti. The acquired properties include Park Tower Townhomes & Apartments, a 52-unit community located in Castro Valley, and 280 Howland Street, an 18-unit property situated in Redwood City.
“These investments demonstrate both the opportunities for stability and solid growth potential through Bay Area multifamily real estate, at a time when housing supply-to-job growth imbalances and high barriers to home ownership are driving demand,” said Adam Levin. “Residents continue to be drawn to the region’s unmatched employment, networking, and access to high-quality living.”
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