August 12, 2019
Blu Harbor, a 402-unit apartment community located in Redwood City, CA, has traded hands for nearly $326 million. Boston-based GID acquired the asset from a partnership between Denver-based Pauls Corporation and New York-based Fortress Investment Group.
Situated on more than 3,200 linear feet of shoreline, the property features an array of studio, one, two, and three-bedroom apartment homes that offer spacious floor plans and condo quality interior finishes. Blu Harbor also offers such amenities as a saltwater pool with expansive sundeck, a club-quality fitness center with a spin studio, an outdoor cucina, a sports lounge, complimentary kayaks, a boat launch and a marina outfitted with 64 boat slips. The Mid-Peninsula community is situated on the east-side of Highway 101, adjacent to a 3,000-acre ecological reserve.
NKF’s John McCulloch, Mark Leary, and Rob LeDoux advised on the sale. NKF’s Ramsey Daya, Chris Moritz, and Travis Bailey secured long-term debt financing for GID.
For comments, questions or concerns, please contact Dennis Kaiser