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.
Why investors keep buying in Livermore
Levin and Johnston point to Livermore’s relative affordability within the Bay Area, strong household incomes and key transport links, including Interstate 580 and regional BART access, as core fundamentals that continue to attract multifamily investors, as reported by CityBiz. Those ingredients make trades like this appealing for owners who want to scale up, simplify management and still keep their money local. For the investor in this transaction, the 1031 route provided a tax-efficient way to roll proceeds into a larger single asset.
A 1031 exchange allows sellers to defer capital gains taxes when they reinvest proceeds into like-kind property, a strategy highlighted in Marcus & Millichap investor services materials. The firm notes that exchanges can help investors preserve cash flow and redeploy capital into higher-scale assets, while offering advisory support and replacement-property options for these swaps.
The Levin Johnston team, based in Marcus & Millichap’s Palo Alto office, has closed billions of dollars in multifamily deals and markets additional Bay Area inventory on its website. More on the team and its listings is available at LevinJohnston.com.
