August 12, 2019 — Newmark Knight Frank is pleased to announce the sale of Blu Harbor, a 402-unit apartment community located in Redwood City, CA. The property was sold to GID, a privately held and fully integrated real estate investment firm headquartered in Boston, MA, for $325,620,000. The seller was partnership between Pauls Corporation, a leading capital management and real estate development firm based in Denver, CO, and Fortress Investment Group, a global investment manager headquartered in New York.
Situated on over 3,200 linear feet of pristine shoreline, Blu Harbor features an array of meticulously designed studio, 1 bedroom, 2-bedroom, and 3-bedroom apartment homes that offer spacious floor plans and condo quality interior finishes. The property also offers a best-in-class amenity package that includes a salt water 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 world-class marina outfitted with 64 boat slips.
In addition to the property’s contemporary finishes and unrivaled amenity package, residents are drawn to Blu Harbor because of its outstanding location. Situated on the east-side of Highway 101 adjacent to a 3,000-acre ecological reserve, Blu Harbor provides residents with a tranquil environment with direct access to local employers and lifestyle amenities along the Mid-Peninsula. The property is also within a few minutes’ drive or bike ride of Downtown Redwood City, which over the past few years has emerged as the epicenter for some of Silicon Valley’s most dynamic companies, and has become increasingly more attractive among the young, affluent demographic that now defines the region.
The Newmark Knight Frank Investment Sales team, led by Executive Managing Director John McCulloch, Executive Managing Director Mark Leary, and Director Rob LeDoux, served as the exclusive advisors on the transaction. Newmark Knight Frank’s Debt and Structured Finance team, led by Vice Chairman Ramsey Daya, Senior Managing Director Chris Moritz, and Director Travis Bailey, secured long-term debt financing for GID.