Carmel Partners has sold The Glen, a 69-unit luxury multifamily property in Belmont, Calif., to Pacific Urban Residential. The buyer paid $40.1 million for the community, or approximately $581,000 per apartment, according to Yardi Matrix.
Pacific Urban funded the acquisition with a mortgage originated by Berkeley Point Capital. The new owner has rebranded the asset as Sofi Belmont Glen and selected Pinnacle to oversee property management.
Located at 200 Davey Glen Road, the two- and three-story building is positioned a stone’s throw from El Camino Real, 25 miles south of downtown San Francisco. A 35,000-square-foot retail property operates next door, home to a number of shopping and dining options.
The community contains a mix of studio and one- to three-bedroom apartments, ranging in size from 493 to 1,432 square feet. On-site amenities include a swimming pool, fitness center, laundry facilities and 85 covered parking spaces.
The seller acquired the asset from Essex Property Trust in a $23.8 million transaction in 2014, per Yardi Matrix, completing renovations to the property prior to the sale. Earlier this year, a 220-unit apartment community across the bay traded for just shy of $90 million.
Image courtesy of Yardi Matrix