Levin Johnston Team Closes 1031 Sale of San Jose Multifamily
Levin Johnston, the #1 multifamily team nationally within Marcus & Millichap, represented the seller and procured the buyer in the investment sale of Park Plaza, a multifamily property located in San Jose. Executive managing directors Adam Levin and Robert Johnston arranged the transaction. The buyer, a local family partnership, acquired the property as part of a 1031 exchange following the sale of two single-family homes.
“This acquisition enabled the investor to consolidate into a core, stabilized multifamily asset while resetting depreciation and enhancing long-term cash flow,” said Levin. “Through the exchange, the family partnership was able to capitalize on tax advantages, increase scale, and improve operational efficiency in one of Silicon Valley’s most supply-constrained apartment markets.”
Originally built in 1964, Park Plaza is a well-maintained, 16-unit apartment community that benefits from durable renter demand, a range of retail, dining and entertainment options, and strong regional connectivity.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout