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8/15/17
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The Marq at Shoreview Apartments, a 70-unit multifamily development in San Mateo, was acquired by a private investment entity based in Fullerton in a recent $22.1 mil ($316k/unit) deal. The property was sold by Montgomery Partners, a San Francisco-based investment firm.
Located at 1201 Monte Diablo Ave, the property is comprised of two mid-rise buildings with 69 units ranging in size from one to three bedrooms, along with an adjacent three-bedroom, single family home, an unusual component in multi-family developments. Built in 1962 and renovated several times since then, the development, which is located equidistant from Silicon Valley and downtown San Francisco, was in the midst of a luxury renovation program when it was sold. That program is expected to continue under the new ownership.
The renovations include hardwood flooring, new appliances and modern finishes to each of the units with about 50% already completed. Community amenities include a swimming pool, fitness center, and on-site management office. There is still an opportunity to renovate the pool area and relocate the leasing center to create a resort feel to the amenity space.
Ryan Wagner and Brandon Geraldo with Colliers International represented both parties in the transaction. According to Wagner, the listing generated multiple offers from potential buyers -- including several Bay Area and southern California buyer groups.
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