BELMONT, CA—A two-property legacy multifamily portfolio totaling 54 units has sold in San Mateo County, totaling $27.125 million, according to Adam Levin, managing director, and Robert Johnston, senior vice president of Levin Johnston. The team represented the seller, a private family that is also the original developer of one of the assets, as well as the buyer, a private investor, in the transaction.
The two communities, Belview Heights and Casa Belview, are located directly across the street from each other on Continental Way. Belview Heights was built in 1977 by the seller, who commissioned a Swedish architect to design the property. Casa Belview was built in 1973 by a Pan American World Airways pilot to serve as an investment property and a gathering spot for PanAm pilots and flight attendants during Bay Area overnights. The property traded to the seller in the mid-1980s.
Levin and Johnston recently discussed trends in multifamily investing, return opportunities, and supply and demand in this exclusive.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
