 |
| The Lane on the Boulevard, 2580 El Camino Real, Redwood City, CA |
REDWOOD CITY, CA, April 1, 2015 – Institutional Property
Advisors (IPA), a division of Marcus & Millichap specializing in serving
institutional and major private real estate investors, is pleased to announce
the sale of The Lane on the Boulevard,
a newly constructed, 141-unit, luxury multifamily community on the San
Francisco Peninsula in Redwood City, Calif.
The $84 million sales price equates to approximately $596,000
per unit or $780 per square foot.
Stanford Jones, IPA executive vice
president investments, Philip Saglimbeni
and Salvatore Saglimbeni, both IPA vice president investments, advised the
seller, Summerhill Apartment Communities. The buyer is Oakwood Worldwide.
“The Lane on the Boulevard is situated within one of the
strongest and most supply constrained rental markets in the country and is
surrounded by some of the nation’s most affluent communities,” says Jones.
 |
| Philip Saglimbeni |
“Downtown Redwood City has become a major cultural,
entertainment and economic hub for the San Francisco Peninsula,” adds Philip
Saglimbeni.
“In addition to the leading employers already in the
immediate area, such as Facebook (Menlo Park) and Oracle, the recent influx of
large tech companies to Redwood City has been pronounced.
“These include Google’s recent majority acquisition of
Pacific Shores Center—934,000 square feet located just three-and-a-half miles
from the property—and Box Inc.’s master lease of Crossing/900, its new 300,000-square-foot
headquarters, which is located one mile from The Lane on the Boulevard.”
The property’s location at 2580 El Camino Real is within one mile of downtown Redwood City and
adjacent to Atherton, considered one of the most affluent towns in the country.
 |
| Salvatore Saglimbeni |
Menlo Park is four-tenths of a mile south of the apartment
community and Palo Alto is three miles south of it. Both are easily accessed
from the community via El Camino Real.
The Lane on the Boulevard by Summerhill Apartment
Communities features one- and two-bedroom apartment homes that average 765
square feet.
The amenity package includes a fitness studio, a social
lounge with a chef’s kitchen, a swimming pool and spa, an outdoor lounge with
fireplace, outdoor grilling stations, bicycle storage and a five-level concrete
parking structure.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment