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5/22/15
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Two Bay Area apartment buildings with a combined 78 units were purchased by different buyers in deals that totaled $23.1 mil in price. The properties, located on the San Francisco Peninsula in Redwood City are 180 Buckingham Ave, a 48-unit apartment building that sold for $13.1 mil ($272.9k/unit), and Jefferson Apartments, a 30-unit property that brought $10 mil ($333.3k/unit).
Built in 1964, 180 Buckingham Ave is a freestanding, three-story building with gated subterranean parking. The property has a mix of studio, one- and two-bedroom floor plans that average approximately 710 sf in size.
The 1331 Jefferson Ave apartment building was constructed in 1963. The unit mix is all one-bedroom/one-bath apartments that average 650 sf in size.
Adam Levin, first vice president investments, and Robert Johnston, associate vice president investments, both in Marcus & Millichap’s Palo Alto office, represented the seller and both buyers.
“Strong job growth continues to fuel the market for Redwood City multifamily assets and create exceptional value-add opportunities for investors,” says Levin. “Buildings like these two, which were constructed in the 1960s, are particularly well-suited for upgrading and rebranding.”
“With current rent differentials between older apartment assets and newer, high-quality properties running as high as 54 percent, the new owners of these two communities are in a position to reduce spreads with improvements ranging from minor upgrades to major renovations,” adds Johnston.
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