Hendricks & Partners Negotiates Sale of Active-Adult Mixed-Use Apartments for $18.75M
- Aug 06, 2010
San Mateo, Calif. – Hendricks & Partners participated in the sale of FountainGlen at The Villa, located at 4000 South El Camino Real in San Mateo, Calif. The 135-unit mixed-use senior apartment and retail community was sold for $18,750,000.
FountainGlen at The Villa is one of San Mateo’s newest senior 55+ active communities. Originally built in two phases in 1955 and 1982, the 284-room landmark Villa Hotel had a storied past. It played host to some of Hollywood’s biggest stars of the 1950s and 1960s.
In 2006, FountainGlen Properties began converting the property, which now has 121 market rate units and 14 affordable units, all of which have newly renovated interiors, along with a restaurant and six retail spaces. Residents also have access to a wide variety of shopping venues, restaurants, theater, mass transit, major employment centers, and medical facilities.
The Villa is the only property in San Mateo that offers tenants 55 years of age and older the ability to live in an independent environment. Community amenities include security gates, a swimming pool, laundry facilities, a library and resource center, a movie lounge, an arts and crafts studio, a billiards/game room and a fitness center.
The seller was FGP Mateo Villa, LLC. The buyer was SF El Camino 12-B, LLC.
The transaction was negotiated by Mark J. Feldman of the San Francisco-East Bay office of Hendricks & Partners and Peter Hauser of the Newport Beach office of Hendricks & Partners on behalf of both parties.