Marcus & Millichap Arranges San Francisco Peninsula Multifamily Sale

Sequoia at Wellesley Crescent Park in Redwood City, CA

REDWOOD CITY, Calif., July 24, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Sequoia at Wellesley Crescent Park, a 112-unit apartment complex in Redwood City. The terms of the sale were not disclosed.

Sequoia at Wellesley Crescent Park in Redwood City, CATed Kokernak, a senior vice president investments in Marcus & Millichap’s Palo Alto office, represented the seller, large privately held local investment company. Kokernak also represented the buyer, San Francisco-based Pacific Properties.

“Sequoia at Wellesley Crescent Park is located within easy commuting distance of many significant employers, including Oracle, Electronic Arts, Kaiser Permanente, Facebook, Gilead Sciences, Hewlett Packard and Visa,” says Kokernak. “The accelerated expansion of the tech industry will continue to produce healthy demand for rental units in the area.”

The 86,296-square foot property is located at 1212 Whipple Ave. in Redwood City, one block away from El Camino Real, the San Francisco Peninsula’s major commercial corridor. The location is close to a Caltrain station, a Safeway grocery store, the Sequoia Station shopping center, local parks, the city’s new downtown and Sequoia High School.

Built in 1962 on 12.7 acres, Sequoia at Wellesley Crescent Park features five studios, 68 one-bedroom/one-bath units and 39 two-bedroom/one-bath apartments. A majority of the units have crown moldings, five-inch baseboards, custom European-style cabinetry, designer-selected floors and gourmet kitchens with granite countertops. Select units have glass wall floor-to-ceiling windows and vaulted ceilings. The property’s amenity package includes a brand new fitness center, an entertainment kitchen and a remodeled pool.

With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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