Multifamily Overhaul Attracts Tech Workers


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The apartment is located in a market where vacancy levels are still declining.

REDWOOD CITY, CA—In an effort to appeal to the tech worker, the seller of Mosaic Apartments, Pacific Urban Residential, performed a drastic overhaul of the property located at 1660 Gordon St. As a result of those efforts, the 41-unit multifamily complex has sold for $14.76 million to a private buyer. The sales price equates to $360,000 per unit.

Mosaic Apartments were constructed in 1962 on a 23,650-square-foot lot. The unit mix is four two-bedroom/one-bath units, 32 one-bedroom/one-bath apartments and five studio units. In 2014, the property underwent extensive exterior and interior renovations to 34 out of 41 units. The interior renovation includes new kitchens, bathrooms and carpeting throughout. Exterior renovations include a new façade with redwood siding, resurfaced pool and pool deck, new landscaping, barbecue area, an on-site management office and a renovated elevator system…

Multifamily Overhaul Attracts Tech Workers

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