REDWOOD CITY, CA—Institutional Property Advisors, a brokerage division of Marcus & Millichap, has arranged the sale of Township, a newly constructed 132-unit apartment complex in downtown Redwood City.
The $83 million sales price equates to approximately $628,800 per unit.
executive vice president investments Stanford Jones, vice president investments Philip Saglimbeni andvice president investments Salvatore Saglimbeni advised the seller, a joint venture between Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management.
“Apartment operations remain very healthy in Redwood City and throughout San Mateo County,” said Jones. “Since reaching a cyclical peak in 2009, vacancy has declined at a healthy clip, decreasing 160 basis points. Redwood City currently demonstrates tremendous market fundamentals with approximately 9 % year-over-year market rent growth and an average occupancy of 96.1% reported as of the fourth quarter of 2013.”
“Township is a luxury, pedestrian- and transit-oriented community located in the heart of Redwood City near numerous restaurants, cafes and extensive retail amenities,” addedPhilip Saglimbeni. “The property represents the first new delivery of apartment product in over 12 years. The construction quality and attention to detail make this asset one of the premier rental communities on the mid-Peninsula.”
The property is located at 333 Main St. in Redwood City, which is the geographical midpoint between San Francisco and San Jose. The community is situated within a quiet neighborhood one block from busy Veteran’s Boulevard, four blocks from downtown and one-half mile from access to U.S. Route 101. The Redwood City Caltrain station is 0.70 miles from Township, providing residents with an attractive commuting option to major employment and entertainment centers in San Francisco, the Peninsula and the South Bay. The local employment base includes Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC, Gilead Sciences and Life Technologies, and others.
Completed in early 2014, Township’s four stories are accentuated with unique details, state-of-the-art amenities and views of the estuary to the east and Emerald Hills to the west. The community offers a diverse mix of well-designed and amenitized one-, two- and three-bedroom floor plans averaging 914 square feet. Residents enjoy a truly comprehensive amenity package, as the property provides a state-of-the-art fitness center with cardio-theater, heated whirlpool spa, a contemporary lounge with a fully equipped kitchen and a resident business center, as well as an outdoor kitchen barbecue and dining area and courtyard lounge area with TV and Zen fountain.
Apartment amenities include private patios and balconies in most homes, designer-selected cut-pile carpeting, stainless-steel Whirlpool appliances, solid-surface stone countertops, espresso flat-panel cabinetry with European hardware, in-home full-size washer and dryer, recessed lighting throughout, walk-in closets in many plans, oversized windows and extra-deep soaking tubs.