Land & Houses USA Pays $74M for Upscale San Mateo Asset

As The Bay Area continues its growth in terms of the real estate markets, an important transaction was recently completed in San Mateo. Wood Partners received $73.6 million for its Mode by Alta community from buyer Land & Houses USA Inc. The deal was arranged by Institutional Property Advisors.

In the Bay Area’s latest major multifamily deal, Land & Houses USA Inc. has paid $73.6 million for Mode by Alta, an asset in San Mateo developed by Wood Partners. The deal was arranged by Institutional Property Advisors.

Designed by Christiani Johnson Architects, the 111-unit complex was constructed by SBI Builders on a two-acre site formerly occupied by a commercial printing facility.at 2089 Pacific Blvd. It consists of two three-story buildings above a parking structure.

Mode by Alta features one-, two- and three-bedroom units with hard-surface floors, stainless steel appliances and solid-surface countertops. Common amenities include a fitness room, resident lounge and spacious amenity decks.

The property is located in the vicinity of a Caltrain line linking San Francisco and Silicon Valley. Oracle, Visa, Gilead, Sony and Franklin Templeton are among the area’s employers.

Mode by Alta is the second Bay Area multifamily asset developed and sold by Wood Partners. In 2013, Domain by Alta in Oakland commanded $103.2 million. The firm has more than 3,000 units completed or under construction in California, and a West Coast total of around 4,200.

Image courtesy of woodpartners.com