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Levin Johnston completes 1031 exchange with $12.1M Mountain View apartment deal
The transaction closes a 1031 exchange that started with a $5.6-million Sacramento sale and expands the Mountain View property from 25 units to 33.
ConnectCRE reports that 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 deal completes a 1031 exchange that began with the July sale of The Colony House Apartments in Sacramento for $5.6 million, according to the report.
The Alamo Park Apartments property is located at 620 Alamo Ct. The original 25-unit community was built in 1974, and recent ownership expanded it to 33 units by converting tuck-under parking and adding a newly constructed duplex that includes eight accessory dwelling units.
ConnectCRE also notes that Adam Levin, executive managing director of Levin Johnston, said the added units provide new, market-rate rental income and were delivered without deferred maintenance, and that the team negotiated a basis below recent comparable sales.