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February 15, 2019
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Private Investors Trade Two Multifamily Properties in San Mateo County for $27 Mil


An unnamed private investor paid $27.1 mil for a two-property legacy multifamily portfolio totaling 54 units ($502k/unit) in San Mateo County.

The two communities, Belview Heights and Casa Belview, are located at 1015 and 1016 Continental Way, directly across the street from one another in Belmont. Belview Heights was built in 1977 by the seller, who commissioned a renowned Swedish architect to design the property.

Casa Belview was built in 1973 by a Pan American World Airways pilot to serve as an investment and a gathering spot for PanAm pilots and flight attendants during overnights in the Bay Area. The property traded to the seller in the mid-1980s.

The properties are located in close proximity to shopping and restaurants in Downtown Belmont, and near several of the country’s top employers including Sony, Facebook, Electronic Arts Inc. (EA), Visa and Oracle. Several transportation hubs, including Caltrain and the SamTrans bus line, provide nearby options for those who prefer not to use a car on a daily basis.

Adam Levin and Robert Johnston with Levin Johnston represented the buyer and the seller, also a private investor.

“These two assets are situated in the Bay Area’s Mid-Peninsula, in San Mateo County, which is currently one of the strongest rental markets in the region,” says Johnston. “Both properties are near 100 percent occupancy. The location and the area’s strong employment fundamentals make these assets valuable as long-term holds for the buyer.”

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