Jay Paul Spends $73.5MM on Redwood City Apartment Complex

Encore Redwood City San Mateo Jay Paul Silicon Valley Sares Regis Institutional Property Advisors Caltrain Bay Area

(EDITOR’S NOTE: According to public documents filed with San Mateo County, the sales price Jay Paul paid was $73.5 million, or $816,666 per unit. The sale was first reported by the Silicon Valley Business Journal.)

Sares Regis Group of Northern California (SRGNC) has closed on the sale of Encore, a new luxury community in downtown Redwood City. Encore was built, leased, and managed by SRGNC and its affiliate companies. Located at 855 Veterans Boulevard, the 90-residence, six-story building features nearly 5,000 square feet of amenity space, spacious floor plans, and premium interior finishes.

The transaction was brokered by the team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, and Alex Tartaglia at Institutional Property Advisors.

“It’s been rewarding for us to watch the Encore community form and grow over the years, from construction to leasing,” says Jeff Smith, Senior Vice President of Residential Development at SRGNC. “Since the start of the project in 2016, we’ve worked hard to build and deliver this beautiful community for the benefit of its residents and the surrounding neighborhood, and we are confident that it will be in good hands moving forward.”

Located near the intersection of Veterans Boulevard and Main Street, Encore has a 90 “very walkable” rating from Walkscore and is a 10-minute walk to Caltrain.

The community is half a mile away from Highway 101, making it a great location for those with north and southbound commutes. Encore also offers seven affordable, very low-income apartments made available to the public through a lottery system monitored by Redwood City officials.

Amenities at Encore include a state-of-the-art fitness center; top-level roof deck and adjoining community room; outdoor courtyard with barbecue, fireplace, and lawn games; outdoor community herb garden and dog run; wi-fi-enabled common areas; multi-level parking garage with EV charging stations; and bike storage spaces.

Residences at Encore feature stainless steel Energy Star Whirlpool appliances, in-home washer and dryers, solid surface ecoQuartz countertops, generous kitchen peninsulas and islands with waterfall edges in select plans, bathrooms with porcelain tile floors and illuminated mirrors, high-efficiency central heat and air conditioning, hardwood-style plank flooring, walk-in closets, Nest thermostats, select USB outlets, keyless entry hardware, and ample storage space.

ABOUT SARES REGIS GROUP OF NORTHERN CALIFORNIA:

Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California.  As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at over $7 billion and over 2,800 residential units under development.  Since its inception, the company has acquired or developed 13.5 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.SRGNC.com.

West Coast Commercial Real Estate News