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February 19, 2020
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Redwood City Multifamily Community Trades for $500k/Unit


Velocity at Sequoia Station, a 30-unit multifamily community in Redwood City, was acquired by a private 1031 exchange investor in a recent $15 mil ($500k/unit) deal. The asset, located at 1331 Jefferson Ave, was sold by Old Adobe Management Company.

Old Adobe had purchased the property for $10 mil in 2015. During its ownership, they had implemented an extensive renovation and repositioning campaign, which bolstered the value of the asset and positioned it as especially competitive in the already tight market.

Velocity at Sequoia Station is located near downtown Redwood City, offering residents a short walk to various shopping and dining options as well as multiple public transportation hubs. The property is in close proximity to many of the nation’s top tech employers including Google, Apple, Tesla and several more.

Adam Levin and Robert Johnson with Levin Johnston represented both parties in the transaction.

“There is an unprecedented level of property renovations, resulting in a property that gives both the buyer and renters the closest option to new construction possible in this supply-constrained market,” says Levin. “New multifamily supply peaked in the Bay Area last year, and the resulting tightening market will see more dramatic growth in average effective rent as 2018 progresses.”

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