DEAL OF THE DAY: Marcus & Millichap Brokers $52.3M Sale of Apt. Property in Bay Area
- Dec 06, 2010
Burlingame, Calif.–Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the $52.3 million sale of Skyline Terrace, a 138-unit, 174,371-square foot multifamily property in Burlingame, a suburb of San Francisco.
Stanford Jones, an executive vice president investments, and Philip Saglimbeni, an associate vice president investments, both in the firm’s Palo Alto office, represented the seller, Stellar Management. Patrick Hanlon, a principal of The Ackman-Ziff Real Estate Group LLC, also provided seller representation. The buyer was Equity Residential.
“Skyline Terrace truly represents an iconic, one-of-a-kind asset,” says Jones. “Located on irreplaceable real estate with outstanding views of the San Francisco Bay, the property has always been a strong performer.”
“From an investor’s standpoint, this mid-peninsula location is especially appealing given the inherent supply constraints, high housing costs and proximity to San Francisco and major employment centers,” adds Saglimbeni.
The three-building property is located at 3133 Fontera Way near interstates 280 and 380, U.S. Highway 101, State Route 92, the San Francisco International Airport and the Millbrae BART and Caltrain stations.
Originally constructed in 1967, two-building Skyline Terrace won the National Association of Home Builders Gold Nugget Award for design excellence. Skyline Annex, completed in 1987, is the third building in the complex.
This San Francisco Bay Area community has amenities including expansive views of the San Francisco Bay, a resort-style swimming pool and spa area with large sundeck, patio furnishings, barbecue cabana, community room, parking garage and a state-of-the-art fitness center.