February 25, 2020
Marcus & Millichap’s Levin Johnston team has completed the sale of two multifamily communities to separate buyers in San Mateo, CA, in transactions totaling $24.45 million.
Transactions include:
– Station 401 @ Poplar: a 31-unit multifamily community in San Mateo, CA, sold for $11.5 million. Levin Johnston represented the seller and the buyer, both private investors, in the transaction. (Pictured)
– 600 Mariners Island: a 24-unit apartment community in San Mateo, sold to a foreign investor for $12.95 million by a private owner, both represented by Levin Johnston in the transaction.
According to Levin Johnston’s announcement, San Mateo’s strong fundamentals and high levels of investor interest are driven by proximity to top tech employers including Facebook, Oracle, GoPro, and Sony; as well as office expansions and new developments featuring the Gilead Sciences campus, Illumina campus, Franklin Templeton headquarters and Facebook’s Oculus offices
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Tags: Acquisition, Apartments & Multifamily, Broker, Sale
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