Luxury San Francisco Peninsula Multifamily Sale Closed by Institutional Property Advisors (IPA) for $88.65 Million
Institutional Property Advisors (IPA), a division of Marcus & Millichap (MMI), announced today the sale of Township Apartments, a 132-unit apartment asset in Redwood City, California. The sales price is $88.65 million, or $671,591 per unit and $735 per square foot.
“Township Apartments is a transit-oriented, pedestrian-friendly luxury community located in Redwood City’s vibrant downtown neighborhood that provides residents with a live, work and play environment on the Bay Area Peninsula,” said IPA senior director Salvatore Saglimbeni. “Strategically situated midway between San Francisco and Silicon Valley, Redwood City and the surrounding mid-peninsula corridor are in the midst of a commercial renaissance that includes approximately 2 million square feet of office space under construction within a three-mile radius of the property.”