Belmont, Calif.—Carlmont Woods Apartments, an 11.5-acre, 195-unit garden apartment community in the upscale San Francisco suburb of Belmont, Calif., has been acquired by Grosvenor Americas of San Francisco, which plans to renovate unit interiors and common-area amenities to modern standards.
The 42-year-old Carlmont Woods Apartments features 195 studio and one-bedroom apartments, as well as an enviable location in the San Mateo submarket. The community offers a low-density, quiet-living setting near outdoor recreational amenities that include parklands and trails. Yet it is well located for access to job centers and transportation conveniences.
“Multifamily acquisitions in the Bay Area are highly competitive,” Peter Staver, investments, with Grosvenor Americas, tells MHN. “We came up with a strong renovation plan, and expect continued strength in the housing market.”
Grosvenor Americas plans to enhance the pool area and create a new fitness center, among other improvements in common-area amenities, he adds.
Carlmont Woods Apartments is 13 miles south of San Francisco International Airport and five minutes from U.S. 101 and Interstate 280, the two major north-south freeways linking Belmont with San Francisco, Palo Alto, Mountain View and San Jose.
Residents of the community have quick and convenient access to Oracle, Electronic Arts, Genentech, Sony, Visa, Gilead Sciences, Life Technologies and other employers in the submarket’s major high-tech employment centers.
“This is Grosvenor’s first apartment acquisition in the Bay Area,” says James Delmotte, senior vice president, investment, with the company. “We hope to continue to grow our multifamily portfolio in the future.”
Adds Staver: “This represents a unique opportunity to acquire a low-density asset in the Bay Area. As one of the largest institutional properties in this affluent submarket, Carlmont Woods will offer best-in-class amenities and services, compared to many of the smaller competitors in the immediate area.”
The property was marketed by Kara Wiard, director at Eastdil Secured.
Having acquired Carlmont Woods Apartments, Grosvenor now owns, wholly or in joint-venture partnerships, nearly 2,400 multifamily rental units in the U.S. and Canada, with the U.S. holdings centered on the San Francisco Bay and Puget Sound areas.