Congratulations on Closed Deals!

We’d like to highlight the accomplishments of two recently-licensed NAI Northern California agents who just closed their first deals!

Brian Skavdahl recently closed 150 Birch Street, a 5-unit Redwood City multi-family property, for $1,950,000 ($150,000 over ask) at 3.03% CAP. According to Brian, “150 Birch Street was a rare opportunity for an investor to own within close proximity to an up-and-coming downtown Redwood City. The location of the property, as well as a lack of inventory in the area, led to extremely competitive offers and a close of escrow after on 33 days on the market. With all leases well below market rents, the new owners can expect immediate upside in cash flow.”

Born and raised in the Bay Area, Brian has grown to become an expert in both the Peninsula and South Bay Markets. His knowledge of the area allows him to provide valuable insight and intelligent advice to both buyers and sellers in these markets.

Peter Hong listed a 3-unit multi-family property located at 43563 Ellsworth Street in Fremont, CA. The 3-bed, 2-bath townhomes in an award-winning school district closed for $1,775,000 at 2.02% CAP! Insight from Peter: “The purchase and sale of 43563 Ellsworth Street was just one of only a handful of multi-unit residential sales in the Mission San Jose neighborhood over the last ten years. The buyer had a rare opportunity to obtain a property in an area where word of mouth helps keep vacancies at consistently low rates. All inspections and contingencies were completed in a timely manner, leading to closing of escrow within forty-five days.”

Peter received a Master of Business Administration degree from the University of Michigan, helping him to better understand the world of commercial real estate.

Congrats on your first deals, gentlemen! We can’t wait to see what the future has in store for you both.
Interested in a career at NAI Northern California? Click here for more information.

Brian Skavdahl (L) and Peter Hong (R) with President James Kilpatrick

NAI Northern California Closes $3.3 Million Mill Valley Multifamily Asset

MILL VALLEY – February 2014 – NAI Northern California is proud to announce the sale of a 12-unit multifamily apartment complex in Mill Valley, CA.  This is the latest in a string of high-quality transactions in the North Bay Multi-family market.

NAI was retained as exclusive representation for the Seller in the transaction and represented the Buyer as well. The property presented a unique opportunity due to low inventory in Southern Marin, high rental upside, amenities and an ideal San Francisco Bay Area location.

According to Joby Tapia who handled the transaction, “this quiet neighborhood in Mill Valley hasn’t seen this type of opportunity in decades. With planned renovations, this property should outperform neighboring properties.”

Firm President James Kilpatrick added, “This is a great example of how technology and expertise are both essential for the best outcome. Our Salesforce platform accessed serious Buyers outside of conventional parties. Joby’s years of expertise made sure a premium price was paid, and that the process and risks were well managed”.

Joby is an executive with 15 years of experience managing commercial and multifamily assets, including market rate and rent-controlled properties, for both private and institutional owners in the Northern California.

About NAI Northern California

Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California’s three SF Bay Area offices are growing rapidly and benefit from 385 NAI offices worldwide. NAI Global is the largest managed network in the world and continues to be a top 5 worldwide Brand and operation as recognized by the most recent Lipsey Survey.

NAI Broker Ethan Berger Closes 52-Unit Antioch Apartment Complex

ANTIOCH – December 2014 – NAI Northern California announced the sale of a multifamily apartment complex in Antioch, CA. This is the largest multifamily transaction in Antioch for 2014, both for number of units and for total dollar amount.

The Buyer in the transaction was represented by Ethan Berger of NAI Northern California, which was never publicly advertised. Berger became aware of the opportunity through direct contact with the Owner, who had owned the property for 25 years. The subject property was comprised of 80%+ 2 bedroom units and offered the potential for the new Owners to acquire a property with a significant amount of units at a low gross rent multiplier and to re-position the property to achieve significant upside.

NAI’s President James Kilpatrick added, “This is a good example of a continued trend we’re seeing where deliverable multifamily assets with upside potential in secondary markets are seeing increasingly competitive Buyer demand. Even local specialists such as Ethan Berger require aggressive legwork to be able to secure these investments for our clients. A large part of this is how many investors are chasing relatively attractive yields while rates remain low.”

Ethan began his career in 2009 as a member of the Contra Costa & Solano multifamily brokerage team at NAI representing buyers and sellers of multifamily properties. He hasgained a reputation of reliability and distinction after selling a number of buildings for record prices while delivering attentive service to his clients. Since joining NAI, Berger has been involved in a number of record-setting transactions in cities throughout Contra Costa and Solano Counties. His reputation as a dedicated, aggressive, and client-centric sales professional is evident in his successes and the relationships he has forged.

About NAI Northern California

Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California prides itself on its accomplishments, culture and growth. With three offices in the Northern California Bay Area and 385 worldwide, NAI Global is the largest managed network in the world.