REDWOOD CITY, CA, June 5, 2014 – Institutional Property
Advisors (IPA), a brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale of
Township, a newly constructed 132-unit apartment complex in downtown Redwood
City, Calif. The $83 million sales price equates to approximately $628,800 per
unit.
IPA executive
vice president investments Stanford Jones, IPA vice president
investments Philip Saglimbeni and IPA vice 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,” says 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
percent year-over-year market rent growth and an average occupancy of 96.1
percent reported as of the fourth quarter of 2013.”
 |
| Philip Saglimbeni |
“Township
is a luxury, pedestrian- and transit-oriented community located in the heart of
Redwood City near numerous restaurants, cafes and extensive retail amenities,”
adds Philip 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, Calif. 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, among others.
 |
| Sal Saglimbeni |
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.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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