Nuveen Real Estate has sold Township Apartments, a 132-unit upscale community in Redwood City, Calif. Essex Property Trust acquired the asset for $88.7 million or $671,591 per unit. According to Yardi Matrix data, the property last traded in 2014 for $83 million. Institutional Property Advisors represented Nuveen in the current deal.
Situated on 2.3 acres at 333 Main St. in downtown Redwood City, the property is near Bayshore Freeway, midway between San Francisco and Silicon Valley. Redwood City is home to many top employers such as Google, Oracle, Kaiser, Sony, Gilead Sciences and Life Technologies. Township is across the street from Peninsula Boardwalk and several other shopping and dining options are within walking distance.
Completed in 2014, Township consists of four four-story buildings. Yardi Matrix data shows the LEED Gold-certified property was developed under LIHTC provisions, so 17 units are affordable. The unit mix features one- to three-bedroom apartments averaging 914 square feet. Common-area amenities include an EV charging station, fitness center, club room and outdoor fire pit. The property was 96.2 percent occupied as of August.
IPA Senior Directors Salvatore Saglimbeni and Philip Saglimbeni, together with Executive Director Stanford Jones, negotiated the deal on behalf of Nuveen. Salvatore Saglimbeni was also part of the team that assisted the seller in the $110 million sale of a 238-unit luxury rental property in San Jose, Calif.