REDWOOD CITY, Calif., April 1, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Lane on the Boulevard, a newly constructed, 141-unit, luxury multifamily community on the San Francisco Peninsula in Redwood City, Calif.
The $84 million sales price equates to approximately $596,000 per unit or $780 per square foot.
Stanford Jones, IPA executive vice president investments, Philip Saglimbeni and Salvatore Saglimbeni, both IPA vice president investments, advised the seller, Summerhill Apartment Communities. The buyer is Oakwood Worldwide.
“The Lane on the Boulevard is situated within one of the strongest and most supply constrained rental markets in the country and is surrounded by some of the nation’s most affluent communities,” says Jones.
“Downtown Redwood City has become a major cultural, entertainment and economic hub for the San Francisco Peninsula,” adds Philip Saglimbeni. “In addition to the leading employers already in the immediate area, such as Facebook (Menlo Park) and Oracle, the recent influx of large tech companies to Redwood City has been pronounced. These include Google’s recent majority acquisition of Pacific Shores Center—934,000 square feet located just three-and-a-half miles from the property—and Box Inc.’s master lease of Crossing/900, its new 300,000-square-foot headquarters, which is located one mile from The Lane on the Boulevard.”
The property’s location at 2580 El Camino Real is within one mile of downtown Redwood City and adjacent to Atherton, considered one of the most affluent towns in the country. Menlo Park is four-tenths of a mile south of the apartment community and Palo Alto is three miles south of it. Both are easily accessed from the community via El Camino Real.
The Lane on the Boulevard by Summerhill Apartment Communities features one- and two-bedroom apartment homes that average 765 square feet. The amenity package includes a fitness studio, a social lounge with a chef’s kitchen, a swimming pool and spa, an outdoor lounge with fireplace, outdoor grilling stations, bicycle storage and a five-level concrete parking structure.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.