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September 20, 2019
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MULTIFAMILY NEWS
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Two Belmont Multifamily Properties Fetch $25 Mil in Separate Deals

7/09/19

We’ve learned of two multifamily property sales totaling $25 mil in the Bay Area city of Belmont, a high-barrier to entry market in San Mateo County. Adam Levin and Robert Johnston with Levin Johnston represented the seller, a private, high-net worth investor, and the buyers, both of which are family trust exchange buyers.

“Belmont is one of the strongest and most robust rental markets in the country,” explains Levin. “Each of these multifamily assets is positioned to perform well over time based on its close proximity to many of the nation’s top tech employers such as Oracle, Facebook, Sony and Google, among many others – which will drive continued occupancy and a well-sustained renter base for years to come.”

One of the deals was for Village Drive Apartments, a 30-unit property that fetched $16 mil ($533k/unit). The property consists of four buildings totaling 34.9k sf on 0.72 acres at 1100-1114 Village Dr, near many top tech employers, shopping, dining and entertainment options.

Originally constructed in 1959, Village Drive Apartments offers a mix of 10 one-bedroom/one-bathroom units, 14 two-bedroom/one-bathroom units and six three-bedroom/one-and-one-half bathroom units. Additionally, Village Park Apartments has been updated with 34 on-site parking spaces and an on-site laundry facility for its residents.

The property recently underwent extensive renovations including exterior and interior improvements such as new dual-pane vinyl windows, fresh paint, landscaping and architectural improvements. The apartment interiors have been updated with laminate flooring and upgraded kitchen cabinets, counters, backsplashes, lighting and appliances.

The other property that sold was Carlmont Park Apartments, a 22-unit multifamily community that traded for $9 mil, or $409k/unit. Originally constructed in 1962, Carlmont Park Apartments is situated on 0.56 acres at 1230 Alameda De Las Pulgas, in close proximity to nationally ranked schools, public transportation hubs and several high-end shopping, dining and entertainment options.

The property offers a mix of studio and one-bedroom floorplans. Community amenities include a central community garden-lined courtyard, an on-site laundry facility, private garages, covered parking, as well as lush landscaping and private patios for each unit.

Levin noted, “Driven by Belmont’s strong employment fundamentals and low vacancy levels as well as the Bay Area’s continued investment in infrastructure and public transit, this market will continue to attract renters from nearby San Francisco and San Jose employment hubs for years to come.”






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