Just Closed: Bay Area Apartments
LA JOLLA, CA, September 30, 2025 – Legacy West Partners is pleased to announce the successful disposition of Parkside 280 Apartments in Redwood City, California. Parkside 280 is an 18-unit, nearly 19,000-square-foot multifamily property located in one of the most affluent and supply-constrained markets of the Bay Area.
Leveraging our extensive industry relationships and national platform, Legacy West Partners was initially approached by brokers based in Northern California regarding this off-market opportunity and acquired the property in June 2024 for $4.9 million. At the time of purchase, the building had not received significant upgrades in more than two decades. With all of our deals, we begin with a clear vision and a well-designed business plan to reposition the asset. Guided by this plan, our team immediately commenced renovations. By deploying our in-house construction crew from Southern California, we completed major improvements with hundreds of thousands in cost savings compared to local bids, ultimately investing more than $500,000 in capital enhancements.
Key improvements included full replacement of exterior stucco, reframing and installing all new windows, modernizing plumbing and electrical systems, and upgrading building signage and laundry facilities. Interior spaces were revitalized with updated flooring, lighting, and fresh finishes in common areas. Landscaping was refreshed to elevate curb appeal, while unit interiors were systematically renovated as they turned over. Collectively, these improvements unlocked significant value and repositioned the property as a modernized, competitive offering in the Bay Area market.
As a result of these initiatives, Legacy West Partners achieved an increase of more than 60% in net operating income. This outcome reflects our firm’s ability to acquire, reposition, and manage assets to deliver outsized results, even in complex regulatory and economic environments.
While initial plans included the construction of brand-new accessory dwelling units (ADUs) for further value creation, strong buyer demand created a compelling opportunity to exit. Our team was approached for the off-market acquisition of the property by an exchange buyer. In light of evolving rent control dynamics and the strong offer presented, Legacy West Partners elected to proceed with a sale. The transaction closed at a price of $7.85 million, representing a strong premium to our cost basis and a successful execution of our business plan.
This disposition underscores Legacy West Partners’ ability to execute across the full investment lifecycle, from acquisition and repositioning to an efficient, profitable exit. We remain committed to identifying opportunities across our national platform that align with our disciplined investment strategy. For continued updates on market trends, economic outlooks, and future acquisitions, we invite you to subscribe to our Monthly Newsletter and join our Investor Network to potentially be contacted with new opportunities as they arise.