EQR Takes 510 Units for $110M
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BURLINGAME, CA-A deal between Equity Residential and Friedkin Realty Group is in the works, according to an unidentified industry source. The source, who is not involved in the deal, says that San Francisco-based Friedkin Realty Group is selling its Northpark Apartments building located in Burlingame, CA to Equity Residential for $110 million.
The source explains that the deal is an “off-market” deal, so there was “no broker involved on either side.” Both Friedkin Realty Group and Equity Residential did not return GlobeSt.com queries for confirmation by deadline.
The 510-unit Northpark Apartment property, located at 1080 Carolan Ave., had units with an average size of approximately 750 square feet. It is located in the heart of the Peninsula near San Francisco with easy access to 101 & Cal Train. The building, which was built in 1971, is surrounded by lush landscaping, crystal-clear ponds and sparkling swimming pools and is located just blocks from famous Burlingame Avenue’s restaurants and boutique retail stores.
Friedkin Realty Group also recently just closed the sale of Fountains at River Oaks, located at 373 River Oaks Cir. in San Jose, CA. The buyer of the 226-unit property—built in 1990—was BRE Properties, which paid $50.3 million, as GlobeSt.com previously reported. In connection with that acquisition, BRE Properties assumed an existing $32.5 million secured mortgage loan, which bears a 5.74% interest rate and matures in 2019. Although at the time of sale the seller wasn’t disclosed, two unidentified sources confirm that the seller of that deal was Friedkin Realty Group, which has the property listed on its website.
GlobeSt.com will follow this story as more information becomes available.
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