Northern California Portfolio Trades for $76M

An entity affiliated with The Spieker Companies has purchased a San Mateo, Calif., apartment portfolio from San Mateo Investment Company. The asset bundle represents a collection of five properties totaling 200 units which traded for $76 million, or approximately $380,000 per unit. Newmark arranged the sale.

At the time of the transaction, occupancy at the apartments stood at 98 percent. Comprising the portfolio are Oakview Apartments with 95 units, Glendora with 38 units, Crown Towers with 30 units, The Pines with 20 units and Westwood with 18 units.

San Mateo Investment Company developed the multifamily communities from 1968 to 1974. The portfolio had never before been marketed for sale.

Key access point for Bay Area destinations

Situated midway between the Silicon Valley and San Francisco, the properties in the portfolio are set on a range above the San Francisco Bay near Highway 92 and Hillsdale Boulevard. Residents have convenient access to downtown San Francisco, the University of California San Francisco and Stanford University.

Residents also enjoy convenient access to several job centers. The global headquarters of technology titans Apple, Meta, Google, Nvidia and Salesforce are all nearby. Pacific Coast beaches at Half Moon Bay are a half-hour away. Newmark Executive Managing Directors Haden Ongaro and Brian Henry, Managing Director Jay Cross and Associate Alyssa Doyle marketed the portfolio on behalf of the seller. The same individuals procured the buyer.

San Mateo’s Beresford Park neighborhood, where the properties are all located, is a family-friendly enclave. Many Beresford Park residents commute to jobs via train, due to the fact the Hillsdale CalTrain station is well established within the neighborhood. Several months ago, a San Francisco Market Report found occupancy flat but healthy, fueling optimism that a rebound to pre-pandemic levels may be in the cards.