Sale Of Redwood City Multifamily The City's Largest Ever
A Boston-based company's purchase of the Blu Harbor apartment complex in Redwood City is San Mateo County's largest multifamily deal in five years, according to Newmark Knight Frank, which brokered the sale.
Finalized in late July, GID's $325M purchase of the 402-unit apartment community also marks Redwood City's largest multifamily deal ever, according to the brokerage. The purchase comes out to about $808K per unit.
The luxury waterfront community includes a mix of studios, one-bedrooms, two-bedrooms and three-bedrooms, with rents ranging from $3,300 for a studio to about $6,000 a month for a three-bedroom, according to the leasing website.
Pauls Corp. received full approvals for the then-named Pete's Harbor project in 2014, and a subsequent appeal of the vote was denied by the Redwood City City Council soon after. Located east of Highway 101, the community offers an amenity package that includes a saltwater pool and sundeck, fitness center and complimentary kayaks.
The seller was a partnership of Denver-based Pauls Corp. and New York-based Fortress Investment. Neither GID nor the sellers in the transaction responded to requests for comment.
Newmark Knight Frank's Investment Sales team, led by Executive Managing Directors John McCulloch and Mark Leary and Director Rob LeDoux, served as the exclusive advisers on the purchase by GID, a privately held real estate firm.
Long-term debt financing for GID was arranged by NKF's Debt and Structured Finance team, which was led by Vice Chairman Ramsey Daya, Senior Managing Director Chris Moritz and Director Travis Bailey.