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Essex Drops $88.65M On Peninsula Apartments

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Real estate investment trust Essex Property Trust has picked up the Township Apartments in Redwood City for $88.65M, or $671,591 per unit and $735 per square foot.

Township Apartments
Township Apartments

Nuveen Real Estate, the seller, purchased the luxury complex in 2014 from developer Sares Regis Group of Northern California for $82M, or about $625K per unit, according to past reporting from the Silicon Valley Business Journal. Sares Regis had finished the project earlier that year.

Redwood City has stood out this year amid growing investor and residential demand throughout the mid-Peninsula and San Mateo County. In July, Boston-based investor GID acquired the Blu Harbor apartment complex in Redwood City for $325M, or $808K per unit, in the county's largest multifamily deal in five years

A team of Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap, represented Nuveen. They attributed the sale to the city's and county's strong commercial growth.

There are numerous large companies headquartered in Redwood City, including tech company Oracle and cloud management company Box.

Average rents in central San Mateo County rose to $3,409 in Q2 2019, compared to the Bay Area average of $2,872, according to CBRE

Located at 333 Main St., the Township Apartments include a fitness center and on-site dog wash, with one-bedroom units from 630 SF to 819 SF and two-bedroom units from 1,047 SF to 1,084 SF.