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January 21, 2020
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Bay Area Res Community Fetches $725k/Unit

1/14/20

Aperture, an 83-unit luxury apartment community in downtown San Bruno, has traded hands. The asset was sold by Sares Regis Group of Northern California (SRGNC) and its equity investment partner, The Resmark Companies, who partnered in the development of the complex, which sits on one acre at the corner of San Mateo Avenue and El Camino Real.

Although the transaction value was not given out, we’ve heard that the deal came in just over $60 mil, which would divide out to over $725k/unit. And, from what we’ve heard, the buyer is an investment entity related to Terramar Retail Centers, although we’ve been unable to confirm that as of this writing.

Aperture was the first residential project to come online since the City adopted the San Bruno Transit Corridors Specific plan in 2013 to revitalize the area near Caltrain. SRGNC acquired the land in 2015, completed construction on the project in 2019, and has since stabilized the asset by leasing 95 percent of the apartments.

“We’re proud to have had the opportunity to provide new housing to San Bruno by replacing a theatre that ceased operation years ago with 83 innovative homes that are providing a new, modern gateway to downtown San Bruno,” says Ken Busch, senior vice president for residential development at SRGNC. “These transit-friendly apartments contribute much to the surrounding area, and with negotiations progressing on leases for Aperture’s retail space, we’re glad to hand this property off as a stabilized, thriving community.”

Aperture is located at 400 San Mateo Avenue in downtown San Bruno, where it has a 90 "very walkable" rating from Walkscore. The community is a 10-minute walk to Caltrain and is close to a number of public transit options and Highway 101.

Amenities include a fitness studio, clubroom, outdoor barbecues and gathering areas, keyless entry, bike room, and EV charging stations for its residents. Just minutes from the San Bruno’s BART and Caltrain stations, the community is well-situated for residents to use public transit for trips up and down the San Francisco Peninsula.

Aperture’s design/development team includes architectural design firm KTGY, civil engineers RJA, structural engineers Nishkian Menniger, and general contractor Johnston Moyer. The Jones-Saglimbeni Group of Institutional Property Advisors represented the seller in the deal.




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