June 8, 2016
TIAA Global Asset Management acquired Franklin 299, a 305-unit multifamily asset in Redwood City, CA from Charleston, SC-based Greystar for $213 million. The property, which opened last year, was reportedly traded at an initial cap rate at just under 4%.
The building includes a roof deck with a barbecue lounge, bike storage and repair room, pool and spa, fitness center and WiFi space. One of Franklin 299’s biggest draws is its proximity to restaurants, bars and transit options.
TIAA says the portfolio addition fits its long-term strategy, offering a desirable location, featuring high quality construction and amenities in a market in high demand for professionals in surrounding communities.
Institutional Property Advisors’ Sal Saglimbeni, Phil Saglimbeni and Stan Jones marketed the property for sale.