San Mateo Community Sells for $26M
- May 17, 2019
Levin Johnston of Marcus & Millichap has brokered the sale of Pacific Gardens, a 38-unit townhouse-style community in San Mateo, Calif., for $25.5 million. The brokerage team represented both the seller and the buyer in the transaction.
The asset is situated at 25 McAcker Court, just off Freeway 82, around 20 and 30 miles from downtown San Francisco and San Jose. Pacific Gardens is also located close to several public transportation hubs, which offer access to the Bay Area. Additionally, the property is within two miles of San Mateo’s downtown, which, as a cultural center of the Peninsula, offers various entertainment options.
Pacific Gardens is also near major employers such as Oracle, Sony, Visa, GoPro and Facebook. These companies fuel growth in the area and drive demand for housing. Around 100,000 new jobs were added in the last three years in San Mateo and Sana Clara counties, according to Levin Johnston.
Built in 1993, the community encompasses two-story, two-bedroom townhouse units, featuring in-unit washers and dryers, private patios, in-unit fireplace, underground parking and individual storage spaces.
Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston arranged the deal. Earlier this year, the brokerage team arranged the sale of two Bay Area properties for a total of $20 million.