Moisen's East Bay Office Sold to Partners

SAN LEANDRO, CA-The local office of Moisen Investment Co. is now 100% owned by its managing partners, Richard Knutson and John Leyvas. Heretofore minority partners in the office, the duo purchased the majority interest from William and Jerry Moisen, who continue to own the company’s Los Altos and San Francisco offices.Knutson and Leyvas will serve as co-presidents of the new company, which will operate under the name of Moisen Investment Company for the time being. Knutson tells GlobeSt.com the seven brokers in his office will continue to specialize in multi-family investments from middle-market through institutional transactions.The brokers will be on the same commission splits as when the Moisens were the owners, says Knutson. “We now have the right to cover the negative cash flow,” he quips. “And if we’re in the black and there’s a little extra, we will share the wealth with the other brokers.”In the past three years, the San Leandro office has closed sales of 3400 apartment units. To date this year, the office has completed $150 million worth of apartment transactions, including its half of the highly publicized $88 million sale of The Essex on Lake Merritt, which is now being sold off as condominiums. By year’s end, Knutson says the office will have completed at least $225 million worth of transactions.Although the two offices will be separately owned and managed, Leyvas says he and Knutson look forward to continued association with their mentors, Bill and Jerry Moisen. The Moisen brothers recently co-founded another company, Guardian Equity Group, specializing in commercial private placement, tenant-in-common investments and 1031 exchanges. As for the East Bay apartment investment market, Knutson says it continues to be strong. “Rents are no longer going down, so there could be a lessening of concessions in the coming year, which might lead to a rise in net rents. There being still more buyers and capital out there than sellers, Knutson says cap rates remain compressed. But when interest rates really start to rise, he expects cap rates to follow suit.