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6/06/14
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Township, a newly constructed, 132-unit apartment complex in downtown Redwood City, sold a few weeks ago for $83 mil, a sales price that equates to about $628.8k/unit. The pricey asset was sold by a joint venture between Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management. Pension fund manager TIAA-CREF was the buyer.
The property is located at 333 Main St in Redwood City, which is the geographical midpoint between San Francisco and San Jose. The community is situated within a quiet neighborhood one block from busy Veteran’s Blvd, four blocks from downtown and one-half mile from access to U.S. Route 101. The Redwood City Caltrain station is 0.70 miles from Township, providing residents with an attractive commuting option to major employment and entertainment centers in San Francisco, the Peninsula and the South Bay. The local employment base includes Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC, Gilead Sciences and Life Technologies, among others.
Completed in early 2014, Township’s four stories are accentuated with unique details, state-of-the-art amenities and views of the estuary to the east and Emerald Hills to the west. The community offers a diverse mix of well-designed and amenitized one-, two- and three-bedroom floor plans averaging 914 sf in size. Residents enjoy a truly comprehensive amenity package, as the property provides a state-of-the-art fitness center with cardio-theater, heated whirlpool spa, a contemporary lounge with a fully equipped kitchen and a resident business center, as well as an outdoor kitchen barbecue and dining area and courtyard lounge area with TV and Zen fountain.
Apartment amenities include private patios and balconies in most homes, designer-selected cut-pile carpeting, stainless-steel Whirlpool appliances, solid-surface stone countertops, espresso flat-panel cabinetry with European hardware, in-home full-size washer and dryer, recessed lighting throughout, walk-in closets in many plans, oversized windows and extra-deep soaking tubs.
Institutional Property Advisors (IPA) executive vice president investments Stanford Jones, IPA vice president investments Philip Saglimbeni and IPA vice president investments Salvatore Saglimbeni advised the seller in the deal. The buyer was not named.
“Apartment operations remain very healthy in Redwood City and throughout San Mateo County,” says Jones. “Since reaching a cyclical peak in 2009, vacancy has declined at a healthy clip, decreasing 160 basis points. Redwood City currently demonstrates tremendous market fundamentals with approximately 9 percent year-over-year market rent growth and an average occupancy of 96.1 percent reported as of the fourth quarter of 2013.”
“Township is a luxury, pedestrian- and transit-oriented community located in the heart of Redwood City near numerous restaurants, cafes and extensive retail amenities,” adds Philip Saglimbeni. “The property represents the first new delivery of apartment product in over 12 years. The construction quality and attention to detail make this asset one of the premier rental communities on the mid-Peninsula.”
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