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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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
