{"id":1004097971,"date":"2014-06-09T06:56:41","date_gmt":"2014-06-09T14:56:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004097971"},"modified":"2022-12-08T19:16:38","modified_gmt":"2022-12-09T03:16:38","slug":"tiaa-cref-buys-132-unit-m-f-complex-in-redwood-city-calif-for-83m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-132-unit-m-f-complex-in-redwood-city-calif-for-83m\/","title":{"rendered":"TIAA-CREF Buys 132-Unit M-F Complex in Redwood City, Calif. for $83M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/i><\/p>\n

\"Redwood\"<\/a>\u00a0Township, 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.<\/p>\n

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\u2019s developer.<\/p>\n

The sale closed May 13, IPA vice president\/investments Philip Saglimbeni told Commercial Property Executive<\/i>. The IPA team that advised the seller also included executive vice president\/investments Stanford Jones and vice president\/investments Salvatore Saglimbeni.<\/p>\n

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.<\/p>\n

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\u00a0 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.<\/p>\n

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.<\/p>\n

The architect was Christiani Johnson Architects, of San Francisco.<\/p>\n

\u201cApartment operations remain very healthy in Redwood City and throughout San Mateo County,\u201d Jones said in a release. \u201cSince 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.\u201d<\/p>\n

At this point in the project\u2019s initial post-construction lease-up, it\u2019s more than 75 percent leased, according to Philip Saglimbeni.<\/p>\n

IPA is a brokerage division of Marcus & Millichap that works with institutional and major private investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Township, a recently completed 132-unit luxury apartment complex in downtown Redwood City, Calif., has been sold to TIAA-CREF for $83 million.<\/p>\n","protected":false},"author":882,"featured_media":1004097974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,15],"tags":[],"class_list":["post-1004097971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"\nTIAA-CREF Buys 132-Unit M-F Complex in Redwood City, Calif. for $83M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-132-unit-m-f-complex-in-redwood-city-calif-for-83m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TIAA-CREF Buys 132-Unit M-F Complex in Redwood City, Calif. for $83M\" \/>\n<meta property=\"og:description\" content=\"Township, a recently completed 132-unit luxury apartment complex in downtown Redwood City, Calif., has been sold to TIAA-CREF for $83 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-132-unit-m-f-complex-in-redwood-city-calif-for-83m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-09T14:56:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:16:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Redwood.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5760\" \/>\n\t<meta property=\"og:image:height\" content=\"3840\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-132-unit-m-f-complex-in-redwood-city-calif-for-83m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-132-unit-m-f-complex-in-redwood-city-calif-for-83m\/\",\"name\":\"TIAA-CREF Buys 132-Unit M-F Complex in Redwood City, Calif. for $83M - 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