Richard Tod Spieker Acquires Southwood Apartments From Mark Parrell In Palo Alto

The 123-unit Southwood Apartments located at 2850 Middlefield Road in Palo Alto, California, were acquired by Spieker Cos. for $59.9 million from Equity Residential. This multifamily property offers one- and two-bedroom units with monthly rents starting at $3,095. Amenities include a swimming pool, spa, clubhouse, and pet park.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $59,900,000
• Units: 123
• Price Per Unit: $486,992
• Market: Palo Alto
• Buyer: Richard Tod Spieker - Spieker Cos.
• Seller: Mark Parrell - Equity Residential

Kidder Mathews facilitated the transaction between Spieker Cos. and Equity Residential for the Southwood Apartments. Richard Tod Spieker represented Spieker Cos., while Mark Parrell was the representative for Equity Residential in this deal.