All-Cash Foreign Investor Buys 34-Unit Apartment Complex in Redwood City, CA for $12.45 Million

A private investor with Asian capital has acquired a 34-unit apartment complex in Redwood City, CA for $12.45 million, equating to a price of $366,176 per unit. Located at 475 & 485 Redwood Avenue, the multi-building complex is ideally located west of the El Camino Real thoroughfare in Redwood City. The 32,645 square foot property consists of (28) 1 bed / 1 bath units and six 2 bed / 1 bath units. The seller had completed interior renovations on all units. Matthew Thomson, a multi-family specialist with Cushman & Wakefield’s Palo Alto office, represented the seller in the transaction. He is also brokering the upleg property in the 1031 Exchange, allowing the seller to increase cash flow and number of units while significantly improving location and asset quality.

“Due to the ongoing rental demand in our region we continue to see strong investments from foreign capital seeking multifamily properties,” said Mr. Thomson. “We have been able to achieve record pricing on multiple properties, especially for assets located along the desirable San Francisco Bay peninsula.”

He added, “In this unique Seller’s market owners have the ability to demand premium prices and dictate closing dates creating comfortable 1031 Tax-Deferred Exchange timelines.”

West Coast Commercial Real Estate News