Levin Johnston Finalizes 1031 Exchange for Livermore Apartments
The Levin Johnston team of Marcus & Millichap has helped a private investor complete a 1031 exchange involving two apartment communities in the East Bay city of Livermore. The team closed the $5.625-million sale of Pacific Apartments, a 20-unit multifamily community, and directed the $19.75-million acquisition of Briarwood Apartments, a 64-unit multifamily community.
“These transactions are part of a broader portfolio reconstruction strategy we’ve been executing with this Client throughout Livermore,” said executive managing director Robert Johnston. “By leveraging a 1031 exchange, the investor was able to significantly increase scale, reset depreciation, and improve operational efficiencies while remaining in a submarket they know exceptionally well through strategic reinvestment. These types of exchanges can be highly effective tools for long-term wealth preservation and growth when paired with the right market expertise and access.”
Located at 1054 Dolores Street in Livermore, Pacific Apartments was originally built in 1962. Briarwood Apartments at 3819 East Ave. dates from 1961.
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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