Levin Johnston Group sells two multifamily assets in the Bay Area

Levin Johnston Group has sold two multifamily assets in the Bay Area

The assets are Leigh Court, an 18-unit multifamily community in San Jose, and 1 Devonshire, a 15-unit multifamily property in the San Francisco Peninsula submarket of San Carlos, Calif.

With these sales, the brokerage team facilitated a strategic 1031 exchange on behalf of the investor who sold Leigh Court and acquired 1 Devonshire, according to Levin Johnston’s executive managing director Adam Levin and senior managing director Robert Johnston.

“Demonstrating the strength of the irreplaceable San Jose location, we were able to quickly source a buyer for Leigh Court who met the seller’s price requirement,” said the firm. “The seller of the asset was then looking to acquire another Bay Area property that would offer immediate strong cashflow and growth potential with less hands-on management required.”

San Carlos is located in the heart of San Francisco Bay Area and is known for its high quality of living. 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.

The firm added, “1031 exchanges are a tried-and-true method for investors looking to build and achieve wealth in the real estate market — we are consistently identifying opportunities for our clients to expand their portfolios for long-term wealth.”

The 18-unit multifamily property is located at 1235 Leigh Ave. in San Jose and sold for a total price of $5.75 million. Originally constructed in 1963, the property offers beautifully designed studio, one-, and two-bedroom floorplans.

The 15-unit multifamily property is located at 1 Devonshire Blvd. in San Carlos and sold for a total price of $8.43 million. Originally constructed in 1965, 1 Devonshire offers a mix of studio, one- and two-bedroom floorplans. 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.