REDWOOD CITY, CALIF. — Acacia Capital has acquired 299 Franklin, a 304-unit community in Redwood City, 30 miles south of San Francisco, from Nuveen. Walker & Dunlop arranged a Fannie Mae acquisition loan on behalf of Acacia for $113 million. The total sales price was $184 million.
Built in 2015, 299 Franklin offers studio, one- and two-bedroom units and 11 townhomes. Amenities include a rooftop deck, fitness center, pool, bike storage and electric vehicle charging stations. According to the property’s website, rents of available units start at approximately $2,723 for a studio and go to $4,811 for a two-bedroom.
Salvatore Saglimbeni of Institutional Property Advisors arranged the sale, which was finalized in October. Walker & Dunlop’s multifamily finance team was led by Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan and Matt DeMarche.
Acacia Capital is an investment management firm headquartered in San Mateo, California. The company states that its acquisition strategy targets multifamily properties with at least 100 units that are in Western markets, such as Seattle, Phoenix and Las Vegas.