REDWOOD CITY, CA—In an effort to appeal to the tech worker, the seller of Mosaic Apartments, Pacific Urban Residential, performed a drastic overhaul of the property located at 1660 Gordon St. As a result of those efforts, the 41-unit multifamily complex has sold for $14.76 million to a private buyer. The sales price equates to $360,000 per unit.
Mosaic Apartments were constructed in 1962 on a 23,650-square-foot lot. The unit mix is four two-bedroom/one-bath units, 32 one-bedroom/one-bath apartments and five studio units. In 2014, the property underwent extensive exterior and interior renovations to 34 out of 41 units. The interior renovation includes new kitchens, bathrooms and carpeting throughout. Exterior renovations include a new façade with redwood siding, resurfaced pool and pool deck, new landscaping, barbecue area, an on-site management office and a renovated elevator system.
Robert Johnston, Marcus & Millichap vice president investments, tells GlobeSt.com: "The trendy units now appeal to the tech worker, resulting in a change of tenant profile."
The transacting broker team who represented the seller and procured the buyer are Marcus & Millichap's Adam Levin, Johnston and Michael Henshaw, vice president investments.
"The appeal of Mosaic Apartments is driven by Redwood City's strong employment fundamentals and low vacancy levels," says Levin, first vice president investments. "The recently renovated property offers the new owner excellent prospects for enhancing value in a market where vacancy levels are still declining."
Johnston concludes: "The asset's location in the heart of Silicon Valley also presents an attractive option to renters seeking close proximity to major employers, transportation corridors, and world-class shopping, dining and entertainment."
Levin and Johnston completed 50-plus apartment sales in 2015 for a combined sales value in excess of $300 million. As previously reported, the duo closed two other multi-family properties earlier last year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
