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5/31/19
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A private investor acquired a 77-unit apartment community in Redwood City for $40 mil ($520k/unit) as part of a 1031 exchange. The property, 926 Woodside, is located in the coveted Palm Park neighborhood with direct access to Hwy 101 and I-280 – making it an attractive choice for commuters.
The apartment community is also in close proximity to public schools, job centers, convenient medical services, recreational outlets as well as a wide variety of retail and entertainment options. Originally constructed in 1963 and renovated in 2016, the property now offers its residents secure gated entry, keyless building entry, elevators, bike storage, EV chargers, on-site laundry room and community courtyards with BBQ areas.
Adam Levin, Robert Johnston and Michael Henshaw with Levin Johnston represented the buyer, also a private investor, in the transaction. The acquisition was part of a complex 1031 exchange through which the buyer consolidated his four existing multifamily properties into one stable, cash-flow trophy investment.
With this exchange, the buyer was able to trade up from a $31.875 mil portfolio into a trophy $40 mil asset that will deliver deep value for years to come. The property exchange included the sale of these four multifamily communities:
• 131 Elm Street, a 20-unit multifamily property situated in San Mateo
• Delano Apartments, a fully upgraded 35-unit multifamily community in San Jose
• 560 Charter Street, a 15-unit apartment complex located in the mid-peninsula city of Redwood City
• 1416 Floribunda Avenue, a nine-unit apartment building situated in Burlingame
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