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2/29/16
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A private investor with Asian capital has acquired a 34-unit apartment complex in Redwood City for $12.45 mil, or $366.2k/unit, in an all-cash deal. The property is located at 475 and 485 Redwood Ave, west of El Camino Real.
The 32.6k sf property consists of 28 one-bed /one-bath units and six two-bed /one-bath units. The seller had completed interior renovations on all units.
Matthew Thomson with Cushman & Wakefield represented the seller in the transaction. He is also brokering the upleg property in the 1031 Exchange for the seller.
“Due to the ongoing rental demand in our region we continue to see strong investments from foreign capital seeking multifamily properties,” said Thomson. “We have been able to achieve record pricing on multiple properties, especially for assets located along the desirable San Francisco Bay peninsula.
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