Teachers' Big Redwood City Buy
The first apartment building to rise in Redwood City in over a decade just traded for an impressive amount (well over $600k per unit, sources say) and thus resetting the bar for that slice of Silicon Valley. Sares Regis Group of Northern California sold the 132-unit luxury complex called Township to TIAA–CREF. A partnership between Sares Regis and institutional clients advised by J.P. Morgan Asset Management acquired the rights to the land in 2010 and opened the rentals in January. IPA's Stan Jones, Phil Saglimbeni and Sal Saglimbeni repped the seller.
Township is 74% leased and in the process of achieving LEED Silver. The four-story community, which has a mix of one, two and three-bedroom units, will continue to be managed by Sares Regis. The buyer, also known as Teachers (which would make any dogs in the office Teachers' pets), has had a busy year already in the Bay Area and is gearing up to close on the KPMG Building (we first reported on the pending sale last month). The property is 74% leased and in the process of achieving LEED Silver status.