US real estate investor GID has paid $325m (€292m) for a 402-unit core apartment asset in San Francisco Bay Area, according to people familiar with the matter.
GID is buying the Blu Harbor apartment complex in Redwood City, California from a partnership between Denver-based Pauls Corporation and Fortress Investment Group in a deal that represents one of the largest transactions for an apartment complex in the greater San Francisco market this year.
Blu Harbor is situated on over 3,200 linear feet of shoreline.
GID states on its website that has it several capital sources that it buys core apartments for, including the California Public Employees’ Retirement System and the Oregon Public Employees Retirement Fund.
According to Pauls Corporation’s website, the property, which has a mixture of one, two and three-bedroom apartments, is still going through its lease-up stage.
