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| Harbor Cove Apartment Homes, Foster City, CA |
FOSTER CITY, CA, Aug. 12, 2013 – Institutional Property
Advisors (IPA), a multifamily brokerage division of Marcus & Millichap
serving the needs of institutional and major private investors, has arranged
the sale of Harbor Cove Apartment Homes , a 400-unit waterfront
apartment complex in Foster City, Calif., the geographical midpoint between San
Francisco and Silicon Valley.
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| Stanford W. Jones |
The sales price of $138 million equates to $345,000 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, Essex Property Trust.
The buyer is a fund sponsored by Acacia Capital Corporation.
In addition to Harbor Cove, the Jones-Saglimbeni Team has brokered seven other
major trades in the Bay Area year to date, with over $300+ million in pending
closings.
“Despite
significant volatility in the capital markets over the past few months, we
continue to see very strong and qualified activity on well-located assets
positioned to capitalize on the Bay Area’s vibrant economy”, says Jones.
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| Philip Saglimbeni |
“The primary acquisition premise for Harbor Cove is based on
an extensive renovation strategy, which is driven by wide spreads to Class-A
rents in the immediate market.
“Furthermore,
Harbor Cove’s micro-location is arguably the best in Foster City, boasting
dramatic waterfront views, award-winning schools and immediate access to both
retail and employers.”
“Opportunities to acquire larger multifamily assets in the
mid-peninsula market are extremely rare.
In fact, Harbor Cove is the only 100-plus unit asset that has traded
hands in Foster City since 2004,” adds Philip Saglimbeni.
The property is located on more than 15 acres at 900 East
Hillside Blvd. in Foster City, Calif.
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Salvatore
Saglimbeni |
Built in 1971 on the waterfront of Foster City’s largest
lake, Harbor Cove Apartment Homes is composed of 12 three-story residential
buildings and one two-story leasing office/clubhouse.
Approximately 30 percent of the apartments have full or
partial water views and all residents have direct private access to the
lakefront recreation area.
The complex features an outdoor swimming pool with sundeck,
barbecue and picnic area with gazebo, sand volleyball court, two tennis courts,
extra storage, carports, open space parking and a renovated clubhouse with a
lounge, kitchen area and state-of-the-art fitness center.
Floor plans average approximately 767 square feet and
apartments feature fully equipped kitchens and a private balconies or patios.
For a complete
copy of the company’s news release, please contact:
Gina Relva,
Public Relations Manager
(925) 953-1716
