Silicon Valley Apartment Complex Sells for $9.15MM

REDWOOD CITY, Calif., Dec. 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Woodlane Apartments, a 41-unit apartment property located on the San Francisco Peninsula in Redwood City, Calif. The $9,150,000 sales price equates to $223,171 per unit.

Woodlane Apartments Redwood City The Registry real estateAdam Levin, a vice president investments, and Robert Johnston, a senior associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, a private investor. Levin and Johnston also represented the buyer, a limited liability company.

“Woodlane Apartments attracted a great deal of interest from a wide range of investors,” says Levin. “Redwood City’s strong employment fundamentals, along with the property’s low vacancy level and the opportunity to add value through interior renovations all contribute to the strength of the asset.”

“Woodlane Apartments has maintained strong occupancy throughout its history,” adds Johnston. “The property’s proximity to transportation corridors, major employers, shopping, dining and entertainment make it an attractive choice for San Francisco Peninsula renters.”

The apartment complex is located at 1660 Gordon St. in Redwood City, Calif. within proximity of well-known Silicon Valley companies such as Adobe Systems, Advanced Micro Devices, Apple, Applied Materials, Cisco Systems, eBay, Facebook, Hewlett-Packard, IBM and Netflix.

Woodlane Apartments was built in 1962 on a 23,650-square-foot lot. The unit mix features four two-bedroom/one-bath units, 32 one-bedroom/one-bath apartments and five studios. The property includes 41 covered carports and a flat tar and gravel roof.

West Coast Commercial Real Estate News