REDWOOD CITY, CA—A new luxury apartment complex here has been sold for what may be a record price. The Silicon Valley Business Journal reports that TIAA CREF paid $82 million (or around $625,000 a unit) for the 132 unit complex at 333 Main St. The seller was Sares Regis Group of Northern California.
The sale was arranged by Marcus & Millichap’s Institutional Property Advisors. Stan Jones, Phil Saglimbeni and Sal Saglimbeni were the brokers on the deal.
Sares Regis , which owned the property in a partnership with J.P. Morgan Asset Management, will continue to manage the project. Units began leasing in January and thew property is in the process of achieving LEED Silver certification.
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