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1/28/20
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A private investor paid $6 mil for a one-acre, developable land parcel in the Bay Area submarket of Redwood City. The site, located at 847 Woodside Rd, was sold by Service Corporation International.
Adam Levin and Robert Johnston with Levin Johnston represented both parties in the transaction. The transaction was a rare opportunity for the buyer to acquire a developable site in the heart of Silicon Valley, notes Johnston.
According to Johnston, the buyer plans to develop 37 townhomes at the site. Levin notes that job growth in Redwood City is projected to be 37% over the next 10 years, significantly higher than the U.S. average of 33.5%.
“Redwood City is growing rapidly and the demand for quality, for-sale housing is at an all-time high and outpacing current supply,” explains Levin. “The land parcel presents a prime opportunity for residential development, as it is located in close proximity to transportation hubs and major highways and situated in the city’s vibrant downtown area, which offers residents unique retail, entertainment, and dining options.”
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