REDWOOD CITY, CA—A new luxury apartment complexhere has been sold for what may be a record price. The SiliconValley Business Journal reports that TIAACREF paid $82 million (or around $625,000 a unit) for the132 unit complex at 333 Main St. The seller wasSares Regis Group of Northern California.
The sale was arranged by Marcus & Millichap'sInstitutional Property Advisors. Stan Jones, PhilSaglimbeni and Sal Saglimbeni were thebrokers on the deal.
Sares Regis , which owned the property in a partnershipwith J.P. Morgan Asset Management, will continueto manage the project. Units began leasing in January and thewproperty is in the process of achieving LEEDSilver 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.
