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BAY AREA NEWS
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Bay Area Multifamily Asset Fetches $530k/Unit

10/03/19

Woodside North, a fully renovated 22-unit multifamily community in Redwood City, has sold in an $11.7 mil ($532k/unit) transaction. Built in 1961, the property is located at 1551 Regent St, just west of Woodside Rd.

The apartment community, which offers an attractive mix of one-, two- and three-bedroom floor plans, was upgraded by the seller in 2018 through interior and exterior renovations. The newly renovated units offer high-end designer finishes, dual pane windows, modern hard flooring, and fresh paint. Community amenities include a central courtyard with fire pit and picnic area, private garage and covered carport parking, and additional storage rooms.

The community is situated within walking distance of several shopping, dining, and entertainment options in an attractive, pedestrian-friendly district in the heart of Silicon Valley. It is in close proximity to major local employers, Stanford University, and transportation corridors, with convenient access U.S. Route 101 and Interstate 280, as well as San Mateo and Dumbarton Bridges, providing direct access throughout the Bay Area.

Adam Levin and Robert Johnston with Levin Johnston of Marcus and Millichap represented the seller, a private high net worth investor, in the transaction.

“The investment appeal of this asset is driven by Redwood City’s strong employment fundamentals and low vacancy levels,” explains Levin. “Woodside North is situated in the historic downtown area of Redwood City, one mile away from the core downtown district, which is a catalyst for additional urban development and attracts high-caliber residents.”

“Woodside North is a short commute from several of the nation’s top tech employers including Google, Oracle, Facebook, Visa, and Sony, to name a few,” says Johnston. “The Bay Area economy – which saw 5,100 jobs added to the market in August alone – continues to be driven by the tech industry sustaining the high demand for apartment communities for professionals throughout the region. The buyer of this property will benefit from this growth going forward.”





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