Equity Residential Picks Up 241-Unit Multifamily
(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN MATEO, CA-GlobeSt.com has learned exclusively that Townhouse Plaza and Gardens has been sold to Equity Residential. The 241-unit mid-rise/high-rise apartment complex located downtown here was sold by Westlake Realty Group for an undisclosed amount.
Townhouse Plaza and Gardens contains the tallest building in the Bay Area Peninsula at 16 stories. The representative tells GlobeSt.com that it has been rare to see a high-rise change hands in this submarket, a highly desirable and affluent region located between San Francisco and the Silicon Valley.
The property comprises a 154-unit mid-rise portion in addition to the 87-unit high-rise portion. Originally constructed in 1964 and 1972, the buildings include one-, two- and three-bedroom units that average approximately 1,025 rentable square feet. Common-area amenities throughout the property include two separate managerial offices, two swimming pools, two community rooms and separate concrete parking structures. Equity Residential is planning a major renovation and repositioning of the property, which has not been comprehensively renovated since its original construction.
Westlake was represented in the transaction by Nathan Blair, David Silver, Barrett Bass and Ryan Wagner of San Francisco-based Arroyo & Co. and by attorneys Ofer Elitzur and Kevin Kinigstein of Cox, Castle & Nicholson LLP’s San Francisco and Los Angeles offices. Equity Residential acted on its own behalf.
As GlobeSt.com previously reported, in June Equity Residential acquired a 301-unit luxury rental in Manhattan’s Chelsea neighborhood, as GlobeSt.com confirmed with sellers JD Carlisle LLC and DLJ Real Estate Capital Partners. Under the transaction, Equity purchased the residential portion of the Beatrice, a mixed-use apartment/hotel at 105 W. 29th St., for $280 million.
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