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Two Apartments Go for $23 Million

REDWOOD CITY, CA–The multifamily property at 180 Buckingham Ave. is a freestanding three-story building with gated subterranean parking and Jefferson Apartments has a unit mix of all one-bedroom/one-bath apartments that average 650 square feet.

By Lisa Brown | Updated on June 10, 2015

REDWOOD CITY, CA–Two apartment buildings, one located at 180 Buckingham Ave. and the second, Jefferson Apartments, located at 1331 Jefferson Ave. were recently sold. The Buckingham property, a 48-unit apartment building, sold for $13.1 million, which equates to $272,917 per unit, and Jefferson Apartments, a 30-unit property, brought $10 million or $333,333 per unit.

Adam Levin, first vice president investments, and Robert Johnston, associate vice president investments, both in Marcus & Millichap‘s Palo Alto office, represented the a local family trust that was the seller of both properties and procured the buyer, a private capital fund. Levin tells GlobeSt.com:

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