By Scott Baltic, Contributing Editor
Township, a recently completed 132-unit luxury apartment complex in downtown Redwood City, Calif., has been sold to TIAA-CREF for $83 million, it was announced late last week by Institutional Property Advisors, which advised the seller, 333 Main Street RWC, L.L.C.
The seller was a joint venture between Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management; this JV was also the property’s developer.
The sale closed May 13, IPA vice president/investments Philip Saglimbeni told Commercial Property Executive. The IPA team that advised the seller also included executive vice president/investments Stanford Jones and vice president/investments Salvatore Saglimbeni.
Redwood City is halfway between San Francisco and San Jose. Township itself is at 333 Main St., four blocks from downtown, one-half mile from access to U.S. Route 101 and about three-quarters of a mile from the Redwood City Caltrain station.
Completed earlier this year, the four-story complex features a mix of one-, two- and three-bedroom units averaging 914 square feet. Amenities include a fitness center with Cardio-Theater, a heated whirlpool spa, a lounge with a fully equipped kitchen and a resident business center, an outdoor kitchen barbecue and dining area, and a courtyard lounge area with TV and Zen fountain.
Apartment amenities include private patios and balconies in most units, stainless-steel Whirlpool appliances, solid-surface stone countertops, flat-panel cabinetry with European hardware, full-size washers and dryers, recessed lighting throughout, walk-in closets in many plans, oversized windows and extra-deep soaking tubs.
The architect was Christiani Johnson Architects, of San Francisco.
“Apartment operations remain very healthy in Redwood City and throughout San Mateo County,” Jones said in a release. “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.”
At this point in the project’s initial post-construction lease-up, it’s more than 75 percent leased, according to Philip Saglimbeni.
IPA is a brokerage division of Marcus & Millichap that works with institutional and major private investors.