TIAA buys apartment project in San Francisco Bay Area
TIAA Global Asset Management has acquired the 305-unit Franklin 299 apartment complex in Redwood City, Calif., for approximately $213 million. The seller was Greystar Real Estate Partners.
The sale reflects the continuation of strong investor demand for multifamily assets for this year. U.S. apartment deal volume through April is ahead of the pace set in the first four months of 2015, according to Real Capital Analytics’ “Month in Review: April 2016.” The U.S. apartment market has seen $45 billion in year-to-date deal activity, up 5 percent from the pace set a year earlier.
During 2015, apartment transaction volume was up 32 percent compared with the previous year with sales activity of $150 billion.
The San Francisco apartment market dropped to 20th most active in RCA’s “Top 40 Apartments Markets of 2015”; the market was the 11th most active in 2014. However, sales volumes thus far this year has exceed