$326 million apartment deal in Redwood City points to Bay Area housing market’s strength

REDWOOD CITY — A huge deal for the purchase of a big apartment complex in Redwood City suggests the Bay Area housing market remains robust.

Blu Harbor, a 402-unit apartment complex perched alongside Redwood Creek and other outlets to San Francisco Bay, has been bought for $325.6 million, according to brokers with Newmark Knight Frank, a commercial real estate firm.

Boston-based GID was the buyer of the complex, which is at 1 Blu Harbor Blvd. The complex has access to two-thirds of a mile of shoreline. It’s also near the Bair Island Wildlife Refuge.

“The property also offers an amenity package that includes a saltwater pool and sundeck, a fitness center with a spin studio, an outdoor cucina, a sports lounge, complimentary kayaks, a boat launch and a world-class marina outfitted with 64 boat slips,” according to Newmark Knight Frank.

Newmark Knight Frank investment sales agents John McCulloch, Mark Leary, and Rob LeDoux were the advisors on the transaction. Newmark finance experts Ramsey Daya, Chris Moritz, and Travis Bailey helped to arrange the long-term financing for GID to complete its purchase.

The deal is one of this year’s most pricey commercial real estate transactions.

“This is the largest multifamily apartment sale in San Mateo County in the last five years, by total price,” Newmark Knight said.

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Source:: The Mercury News – Business


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