Peninsula Luxury Building Sells For $73.5M: Report

REDWOOD CITY, CA – A Silicon Valley developer has purchased a downtown Redwood City luxury apartment complex, Silicon Valley Business Journal reports.

Jay Paul Co. paid Sares Regis $73.5 million for the 90-unit six-story Encore apartment complex at 849-855 Veterans Blvd. according to the report.

Seven of the building’s units are reserved for low income residents selected through a lottery administered by Redwood City officials, the report said.

Sares Regis wasn’t intending to flip the property but took advantage of the opportunity to do so when it came up, it’s Chief Investment Officer of Development Properties Drew Hudacek said Monday in an email to The Business Journal.

“Our initial intent was to own Encore as a long-term hold, but we were presented with an opportunity to sell and we did,” Hudacek said.

Read more at Silicon Valley Business Journal