IPA ARRANGES $83M SALE OF 132-UNIT BAY AREA APARTMENT COMPLEX

REDWOOD CITY, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Township, a 132-unit multifamily complex in the San Francisco suburb of Redwood City, for $83 million. Completed earlier this year, the community includes one-, two- and three-bedroom apartments averaging 914 square feet, plus amenities such as a fitness center, whirlpool spa, business center and outdoor kitchen. Located at 333 Main St., the property is in proximity to the major thoroughfares of Veteran’s Boulevard and U.S. Route 101, as well as major area employers Oracle Corp., Electronic Arts, Shutterfly, Rocket Fuel, Stanford University, Facebook, Sony Computer Entertainment America LLC and Gilead Sciences. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni of IPA, a division of Marcus & Millichap, represented the seller in the transaction, a joint venture between Sares Regis Group and J.P. Morgan Asset Management.