Levin Johnston Completes 1031 Exchange with Mountain View Apartment Deal
The Levin Johnston team at Marcus & Millichap directed the $12.1-million acquisition of Alamo Park Apartments, a 33-unit multifamily community in Mountain View, on behalf of a private investor. The acquisition completes a 1031 exchange that began with July’s $5.6-million sale of The Colony House Apartments in Sacramento.
Located at 620 Alamo Ct., the original 25-unit community was built in 1974. The previous ownership recently expanded the property from 25 units to 33, converting tuck-under parking and adding a newly constructed duplex with eight accessory dwelling units (ADUs). This gave the buyer a rare opportunity to acquire new, market-rate inventory within an established community in one of Silicon Valley’s tightest submarkets, said Adam Levin, executive managing director of Levin Johnston.
“The additional units command new-construction rents and carry no deferred maintenance,” Levin said. “Vintage Silicon Valley product typically cannot offer that positioning. We were able to negotiate a basis below recent comparable sales, which made the investment particularly compelling for our client and aligned with the long-term objectives of the exchange.”
The conversations behind tomorrow’s apartment deals happen at Connect Apartments on September 22 in LA. Connect with the capital sources, owners, developers, and brokers driving multifamily investment. Learn more and reserve your seat at www.connectapts2026.com.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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