One Livermore investor just pulled off a serious apartment upgrade, trading a 20-unit complex for a 64-unit property in a $25.375 million tax-deferred 1031 exchange arranged by the Palo Alto-based Levin Johnston team at Marcus & Millichap. The deal more than tripled the owner’s unit count, tightened their footprint in central Livermore, and reset depreciation while giving them a larger asset to streamline operations.
The package deal paired the $5.625 million sale of Pacific Apartments at 1054 Dolores Street with the $19.75 million purchase of Briarwood Apartments at 3819 East Avenue. “These transactions are part of a broader portfolio reconstruction strategy we’ve been executing with this Client throughout Livermore,” Robert Johnston said in a statement, according to CityBiz.
Property details and improvements
Briarwood spans more than three acres and totals 64 units. LoopNet lists the property as a 1961 build with roughly 63,980 square feet and more than $2.3 million in capital improvements, along with amenities such as a pool and controlled-access parking. Pacific Apartments, by contrast, is a 20-unit complex built in 1962 with about 16,500 square feet, according to public listing records on Crexi. Swapping the smaller building for the larger one gave the investor greater operational scale and consolidated holdings on the same block.
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