East Bay MultiFam Portfolio Purchased for $69M

Levin Johnston of Marcus & Millichap has directed the $69 million acquisition of a 13-property multifamily portfolio in Oakland and Berkeley, CA. The acquisition was part of a 1031 exchange for two other Bay Area properties. Levin Johnston’s Adam Levin and Robert Johnston represented the buyer in the transaction.

During the pandemic, many Bay Area employers have relocated to the less-expensive Oakland area while office building development in the East Bay is also on the upswing, which is increasing renter demand.

“Strategically located, multifamily assets with strong value-add potential can be a rare find in this highly competitive, sought-after market,” said Levin in a news release. “By guiding our client through the complexities of this exchange, we were able to successfully facilitate the trade-up from their two existing multifamily properties into a diverse, 13-property portfolio that will deliver deep value for years to come.”