Marcus & Millichap has completed the sale and financing of Briarwood Apartments, a 64-unit multifamily community located at 3815 East Ave. in Livermore. The property changed hands for $19.75 million as part of a broader three-asset portfolio focused on the Livermore multifamily market.
Marcus & Millichap Capital Corporation, the firm's financing arm, arranged $13.3 million in acquisition financing for the Briarwood transaction. The loan was structured as a 30-year, non-recourse facility at 70% loan-to-value with a national bank lender. Specific loan pricing terms were not disclosed.
The Briarwood sale represents the final component of a three-property Livermore portfolio that also included Alderwood Park Apartments and Royal Gardens Apartments. Those two assets closed in December 2025, and together with Briarwood, they provided the buyer an opportunity to assemble scale in a tightly held East Bay submarket.
Adam Richardson, senior director investments with Marcus & Millichap, highlighted the competitive dynamics surrounding the offering. He noted that Livermore remains one of the most tightly held multifamily markets in the Bay Area and that chances to acquire scale in the city are exceptionally rare. Richardson added that the buyer's acquisition of all three communities reflects a long-term commitment to the Livermore market, and he pointed to limited inventory and ongoing buyer interest as factors supporting continued investor focus on the area.
Marketing and sale execution for Briarwood Apartments were led by Richardson along with Robert Johnston and Adam Levin, investment directors in Marcus & Millichap's Palo Alto office. The team marketed the property on behalf of the seller, Virtu Investments, and also procured the buyer. The buyer was not identified by name in the announcement.
On the capital markets side, the financing assignment was handled by Chad O'Connor, executive managing director, capital markets, based in Marcus & Millichap's San Diego office. O'Connor secured the 30-year, non-recourse loan from a national bank lender in conjunction with the buyer's acquisition of Briarwood Apartments. The combination of a portfolio acquisition and long-term bank financing underlines ongoing lender and investor engagement with stabilized multifamily assets in Livermore and the broader East Bay region.
The Briarwood transaction, together with the earlier closings of Alderwood Park Apartments and Royal Gardens Apartments in December 2025, completes the disposition of the Livermore portfolio originally marketed by Marcus & Millichap on behalf of Virtu Investments. No additional details were provided regarding the individual pricing or financing of the other two properties beyond their inclusion in the three-property sale.
