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NORTHERN CALIFORNIA NEWS
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Jay Paul Co Acquires New Luxury Bay Area Res Development in $73.5 Mil Deal

12/04/20

Jay Paul Co has purchased Encore, a new 90-unit luxury community in downtown Redwood City. Encore was built and sold by Sares Regis Group of Northern California and its affiliate companies in a $73.5 mil ($817k/unit) transaction.

Located at 855 Veterans Blvd, the six-story building features nearly 5k sf of amenity space, spacious floor plans, and premium interior finishes. Situated near the intersection of Veterans Blvd and Main St, Encore has a 90 "very walkable" rating from Walkscore and is a 10-minute walk to Caltrain.

Encore includes seven affordable, very low-income apartments made available to the public through a lottery system monitored by Redwood City officials.

Amenities at Encore include a state-of-the-art fitness center; top-level roof deck and adjoining community room; outdoor courtyard with barbecue, fireplace, and lawn games; outdoor community herb garden and dog run; wi-fi-enabled common areas; multi-level parking garage with EV charging stations; and bike storage spaces.

Residences at Encore feature stainless steel Energy Star Whirlpool appliances, in-home washer and dryers, solid surface ecoQuartz countertops, generous kitchen peninsulas and islands with waterfall edges in select plans, bathrooms with porcelain tile floors and illuminated mirrors, high-efficiency central heat and air conditioning, hardwood-style plank flooring, walk-in closets, Nest thermostats, select USB outlets, keyless entry hardware, and ample storage space.

The transaction was brokered by the team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, and Alex Tartaglia at Institutional Property Advisors.





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