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NORTHERN CALIFORNIA NEWS
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Two Multifamily Properties in San Mateo Get New Owners in Deals Totaling $24.5 Mil

2/25/20

Two multifamily communities in San Mateo traded hands between private investors in unrelated deals totaling $24.45 mil. The assets have a combined 55 units.

Station 401 @ Poplar
Station 401 @ Poplar
One of the transactions was for 600 Mariners Island, a 24-unit apartment community located at 600 Mariners Island that was acquired by a foreign investor for $12.95 mil, or $540k/unit. Originally constructed in 1976, 600 Mariners Island offers waterfront views and consists of six two-bedroom/one-bathroom units and eighteen one-bedroom/one-bathroom units. Community amenities include a full-sized swimming pool, a children’s swimming pool, clubhouse, boat launch, private storage, modern fitness center, dog park and playground.

The property is in close proximity to many of the nation’s top tech employers including Facebook, Oracle, GoPro, and Sony. The greater San Mateo County market is also experiencing an influx of office expansions and new development including the Gilead Sciences campus, Illumina campus, Franklin Templeton headquarters, and Facebook’s Oculus offices. Residents also benefit from convenient access to retail destinations and local parks.

Robert Johnston and Adam Levin of Levin Johnston represented both parties in the transaction. The deal closed within 14 days.

The other sale was for Station 401 @ Poplar, a 31-unit multifamily community in San Mateo that traded for $11.5 mil ($371k/unit). Originally constructed in 1962, Station 401 @ Poplar is located on 0.69 acres at 401 East Poplar Ave, also in San Mateo.

The 23k sf apartment community features a mix of quality studio units and one-bedroom/one-bathroom apartments and is located near several top employers, as well as high-end shopping, dining, and entertainment options. The property is also in close proximity to Interstate 280 and Interstate 101, providing direct access to all major Bay Area destinations.

The seller recently completed extensive interior and exterior renovations to the property. Interior renovations include updated kitchens and bathrooms, new paint, new dual pane windows, luxury vinyl tile flooring and recessed lighting. Community amenities include a new barbeque area, a new playground, new high-end gates, and an updated on-site laundry facility.

Levin Johnston represented the seller and the buyer, both private investors, in the transaction.




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