Press Releases
Marcus & Millichap Brokers $19.75M Sale and $13.3 Million Financing of 64-Unit Multifamily Property in Livermore, California
June 23, 2026
LIVERMORE, Calif., June 23, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Briarwood Apartments, a 64-unit multifamily property in Livermore, California. The property sold for $19.75 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $13.3 million in acquisition financing.
"Livermore remains one of the most tightly held multifamily markets in the Bay Area, and opportunities to acquire scale there are exceptionally rare," said Adam Richardson, senior director investments. "Briarwood Apartments was one of three Livermore communities we represented in this portfolio sale, and the buyer's acquisition of all three properties reflects a long-term commitment to the market. Given the limited inventory and strong buyer interest we continue to see, we expect Livermore to remain one of the East Bay's most sought-after multifamily investment markets."
Richardson, Robert Johnston and Adam Levin, investment directors in Marcus & Millichap’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, Virtu Investments, and procured the buyer.
The transaction was part of a three-property portfolio that also included Alderwood Park Apartments and Royal Gardens Apartments, located on Junction Ave, in Livermore. Those properties closed in December 2025.
Chad O’Connor, executive managing director, capital markets, based in the firm’s San Diego office, secured a 30-year, non-recourse loan with a national bank at 70% loan-to-value. Additional terms include a 5.58% interest rate, two years of interest-only payments, and 30-year amortization thereafter.
At 3819 East Ave., Briarwood Apartments is situated on a 3.03-acre parcel of land. Built in 1961, the property features 63 two-bedroom, one-bathroom units and one three-bedroom, one-bathroom unit. The property offers residents convenient access to the city's downtown district, renowned wine country, and a mix of shopping, dining and entertainment amenities.
"Livermore remains one of the most tightly held multifamily markets in the Bay Area, and opportunities to acquire scale there are exceptionally rare," said Adam Richardson, senior director investments. "Briarwood Apartments was one of three Livermore communities we represented in this portfolio sale, and the buyer's acquisition of all three properties reflects a long-term commitment to the market. Given the limited inventory and strong buyer interest we continue to see, we expect Livermore to remain one of the East Bay's most sought-after multifamily investment markets."
Richardson, Robert Johnston and Adam Levin, investment directors in Marcus & Millichap’s Palo Alto office, had the exclusive listing to market the property on behalf of the seller, Virtu Investments, and procured the buyer.
The transaction was part of a three-property portfolio that also included Alderwood Park Apartments and Royal Gardens Apartments, located on Junction Ave, in Livermore. Those properties closed in December 2025.
Chad O’Connor, executive managing director, capital markets, based in the firm’s San Diego office, secured a 30-year, non-recourse loan with a national bank at 70% loan-to-value. Additional terms include a 5.58% interest rate, two years of interest-only payments, and 30-year amortization thereafter.
At 3819 East Ave., Briarwood Apartments is situated on a 3.03-acre parcel of land. Built in 1961, the property features 63 two-bedroom, one-bathroom units and one three-bedroom, one-bathroom unit. The property offers residents convenient access to the city's downtown district, renowned wine country, and a mix of shopping, dining and entertainment amenities.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
