|
|
5/08/26
|
El Dorado Apartments, a 39-unit multifamily community in the San Mateo County city of Belmont, traded hands in a deal valued at $20.5 mil, or about $525k/unit. Built in 1962, El Dorado Apartments is located at 2101 Carlmont Drive, directly adjacent to Belameda Park and the Belmont Public Library.
El Dorado Apartments comprises approximately 69.7k sf on a 1.24-acre parcel. The property features a highly desirable unit mix of one- and two-bedroom floor plans, along with 39 dedicated parking spaces and 20 additional open spaces.
Community amenities include private covered parking, a fitness center, and on-site laundry facilities. Unit interiors have been significantly upgraded in recent years, with select residences featuring in-unit washers and dryers, dishwashers, balconies, stainless steel appliances, modern cabinetry, and kitchen islands.
El Dorado Apartments offers convenient connectivity via Ralston Ave to major transportation corridors, including Interstate 280, U.S. Highway 101, and California State Routes 92 and 82. Its central location within Silicon Valley provides proximity to major employers such as Oracle, Visa, Sony, Electronic Arts, and Franklin Templeton Investments.
The sale was completed as part of a strategic 1031 exchange transaction, following a long-term hold period during which the asset was exceptionally well maintained and upgraded. Levin Johnston of Marcus & Millichap represented the seller and procured the buyer in the deal.
“The seller originally acquired the property from the Bohannan family, one of the most influential developers in San Mateo County, and had owned it for decades,” said Robert Johnston, Executive Managing Director of Levin Johnston. “With depreciation fully realized, the sale presented a prime opportunity to execute a 1031 exchange, allowing the private family ownership group to diversify their portfolio and reset tax advantages. What made this asset especially compelling to a competitive buyer pool is its quality as one of the best-kept and thoughtfully maintained 1960s-era multifamily properties in the market.”
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
