Livermore Apartment Seller Doubles Unit Count with 1031 Exchange
The Levin Johnston team at Marcus & Millichap arranged the trades of three multifamily communities in the East Bay city of Livermore in a 1031 exchange. This involved the $11.625-million sale of Outrigger Apartments, a 42-unit property, and the seller’s $24.55 million reinvestment into two nearby properties, Alderwood Park Apartments and Royal Gardens Apartments, totaling 91 units. Executive managing directors Adam Levin and Robert Johnston and senior director, investments Adam Richardson arranged the deals.
“Through trading into these two quality multifamily assets, which have undergone a combined $1.4 million in capital improvements by prior ownership in recent years, the seller of Outrigger Apartments was able to reset depreciation, more than double unit count, and streamline operations, all while staying within the Livermore submarket they know well,” said Levin.
Outrigger Apartments, located at 1020 Dolores St., is a 42-unit community. Royal Gardens at 434 Junction Ave. is 46 units, while Alderwood Park at 277 Junction Ave. is 45 units.
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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