BURLINGAME, CA-A deal between Equity Residential and Friedkin Realty Group is in the works, according to an unidentified industry source. The source, who is not involved in the deal, says that San Francisco-based Friedkin Realty Group is selling its Northpark Apartments building located in Burlingame, CA to Equity Residential for $110 million.
The source explains that the deal is an “off-market” deal, so there was “no broker involved on either side.” Both Friedkin Realty Group and Equity Residential did not return GlobeSt.com queries for confirmation by deadline.
The 510-unit Northpark Apartment property, located at 1080 Carolan Ave., had units with an average size of approximately 750 square feet. It is located in the heart of the Peninsula near San Francisco with easy access to 101 & Cal Train. The building, which was built in 1971, is surrounded by lush landscaping, crystal-clear ponds and sparkling swimming pools and is located just blocks from famous Burlingame Avenue’s restaurants and boutique retail stores.
Friedkin Realty Group also recently just closed the sale of Fountains at River Oaks, located at 373 River Oaks Cir. in San Jose, CA. The buyer of the 226-unit property—built in 1990—was BRE Properties, which paid $50.3 million, as GlobeSt.com previously reported. In connection with that acquisition, BRE Properties assumed an existing $32.5 million secured mortgage loan, which bears a 5.74% interest rate and matures in 2019. Although at the time of sale the seller wasn’t disclosed, two unidentified sources confirm that the seller of that deal was Friedkin Realty Group, which has the property listed on its website.
GlobeSt.com will follow this story as more information becomes available.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
