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9/03/24
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In a recent NoCal multifamily trade, an entity affiliated with The Spieker Companies has acquired the San Mateo Hills apartment portfolio, a 200-unit collection of five properties located in San Mateo. The portfolio sold for $76 mil, averaging $380k per unit.
Boasting occupancy of 98% at the time of sale, the portfolio includes Oakview Apartments (95 units), Glendora (38 units), Crown Towers (30 units), The Pines (20 units) and Westwood (18 units). The portfolio had been developed by San Mateo Investment Company between 1968 and 1974 and had never previously been marketed for sale.
Nestled on a scenic ridge overlooking the San Francisco Bay near Hwy 92 and Hillsdale Blvd, the portfolio offers an unparalleled location, positioned midway between San Francisco and Silicon Valley. Residents enjoy convenient access to key destinations including downtown San Francisco, UCSF, Stanford University and the global headquarters of leading tech giants such as Apple, Meta, Google, Nvidia and Salesforce. Additionally, the Pacific Coast beaches at Half Moon Bay are just a 20-minute drive away.
Haden Ongaro, Brian Henry, Jay Cross and Alyssa Doyle with Newmark marketed the properties on behalf of the seller, San Mateo Investment Company, and procured the buyer in the deal.
The sale of the San Mateo Hills apartment portfolio marks a significant milestone for both the buyer and seller,” said Ongaro. “This portfolio's prime location and high occupancy rate underscore its exceptional value, making it a highly sought-after investment opportunity.”
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