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7/27/16
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Trion Properties has purchased Buckingham Apartments, a 48-unit, value-add multifamily property in Redwood City, a densely populated, urban neighborhood in the Silicon Valley region of the Bay Area. The asset was acquired for $15 mil ($312.5k/unit) in an off-market transaction.
The apartment community is located at 180 Buckingham Ave, east of Woodside Rd between El Camino Real and Hwy 101. It is situated in close proximity to Oracle, EA Sports, Google, Facebook, and other Fortune 100 tech companies. Built in 1964, Buckingham Apartments is 100 percent occupied.
“The Bay Area is one of the strongest markets in the country,” says Max Sharkansky, Managing Partner at Trion Properties. “The region’s record-breaking job growth, coupled with its reputation as one of the nation’s largest technology hubs, is driving demand for centrally-located, high-quality housing near major employers.”
Sharkansky explains that Redwood City, in particular, is home to a growing cluster of tech companies, and is strategically located between the rapidly expanding job markets of San Francisco and San Jose, which presents an attractive opportunity to cater to the unprecedented renter demand throughout the region.
Trion plans to completely rebrand the property by performing extensive renovations to the interior and exterior. Interior renovations include the installation of new vinyl wood plank flooring, modern cabinetry, quartz countertops, new kitchen appliances, and tonal painting. In addition to these interior upgrades, the company plans to implement a completely new design to the entryway, revitalize the hallways, and create a tenant lounge to build a sense of community for residents, particularly catering to young working professionals.
Continental Funding Group arranged the financing. Robert Johnston and Adam Levin of Marcus & Millichap represented both the buyer and the seller in the sale transaction.
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