Multifamily Owner Exchanges Into Larger Livermore Asset

Features June 26, 2026| | Amy Wolff Sorter

An undisclosed private investor traded a longtime multifamily holding for a significantly larger apartment community in Livermore, CA, completing a 1031 exchange to expand its presence in one of the Bay Area’s most supply-constrained rental markets.

The investor sold the 20-unit Pacific Apartments for $5.3 million and used the proceeds to acquire the 64-unit Briarwood Apartments for $19.8 million from Virtu Investments. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $13.3 million in acquisition financing to complete the purchase.

The Briarwood acquisition marked the final transaction in a three-property Livermore portfolio sold by Virtu Investments. The portfolio included the 45-unit Alderwood Park Apartments and the 46-unit Royal Gardens Apartments, which were also acquired through an exchange. The Levin Johnston Team of Marcus & Millichap represented the parties in all three transactions.

According to Executive Managing Director Adam Levin, the exchange helped the buyer reallocate capital into a larger asset while remaining in a market where it has extensive operating experience.

“Briarwood and Pacific are on the same block in central Livermore, and the investor’s broader portfolio activity has remained concentrated in the same area,” Levin told ApartmentBuildings.com.

The buyer plans to invest more than $2.3 million in capital improvements to improve operating efficiencies and upgrade the property while also resetting depreciation through the exchange.

Pacific Apartments at 1054 Dolores St. sits on one acre and features one- and two-bedroom apartments. Briarwood Apartments spans more than three acres at 3819 East Ave. and offers two- and three-bedroom units. Both properties were constructed in the early 1960s.

Levin said the buyer’s investment strategy focuses on acquiring core-to-core-plus multifamily assets in established markets with limited new supply.

“The goal is to support wealth preservation through durable demand, operational stability and long-term cash potential,” he said.

Located in Alameda County on the eastern edge of the San Francisco Bay Area, Livermore attracts multifamily investors because of its strong employment base, high household incomes and limited opportunities for new development. Major employers include Lawrence Livermore National Laboratory and Sandia National Laboratories, while surrounding agricultural land, open space and hillsides create significant barriers to new housing construction.

“Livermore’s fundamentals present a compelling thesis for investment in well-positioned housing throughout the city,” Levin said. “Availability of larger, high-quality communities in central Livermore is particularly limited, making local market expertise and strong owner relationships critical to securing these assets.”

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Multifamily Owner Exchanges Into Larger Livermore Asset

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Brokers

Remax Real Estate Professionals

Jared Ennis

Rick Recckio

Greg Corbin

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout