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cacia Capital has acquired a 304-unit apartment property in Redwood City for $184 million, nearly $29 million less than what Nuveen paid for the building in 2016. The Class A complex at 299 Franklin Street was developed by Greystar and completed in 2015. Walker & Dunlop facilitated $113 million in financing for the deal, with Fannie Mae serving as the lender. The process took just 19 days from application to closure.

    Salvatore Saglimbeni of Marcus & Millichap brokered the deal, while Acacia's COO Todd Darling and CIO Amanda Linderg led the buying team. Nuveen's Director of Acquisitions and Dispositions for the West, Sean Gulian, represented the seller. The purchase price of approximately $605,000 per unit is a premium in the current market, with San Mateo County average prices around $350,000.

    The deal marks a loss for TIAA, which paid $212.65 million for the complex in 2016. However, rents in the county and surrounding areas have seen double-digit growth this year due to return-to-work policies at tech companies. The acquisition is part of a trend of concentrated deals between Burlingame and Menlo Park, with Redwood City falling within that span.