Source: Institutional Property Advisors / #Apartments #Multifamily
SAN MATEO, CA - Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, announced the sale of Mode by Alta, a newly constructed, 111-unit multifamily community in San Mateo, Calif. The $73.6 million sales price equates to approximately $663,000 per unit.
IPA executive vice president investments Stanford Jones, IPA vice president investments Philip Saglimbeni and IPA vice president investments Salvatore Saglimbeni advised the developer, Wood Partners. The buyer is Land & Houses USA Inc.
“Institutional-quality acquisition opportunities in San Mateo are extremely rare,” says Jones. “Mode by Alta is the first 100-plus unit Class A asset to trade in the city in over 10 years. The inventory of luxury rental units in San Mateo is anemic, resulting in a severe supply/demand imbalance for high-wage earners seeking rental housing in the area.”
“Recent economic growth along the San Francisco Peninsula has been explosive,” adds Philip Saglimbeni. “In additional to thousands of tech and biotech jobs in the immediate area, San Mateo’s geographic proximity to both San Francisco and Silicon Valley is an especially compelling attribute for residents. The community is within walking distance of Caltrain and only one mile from San Mateo’s thriving, pedestrian-oriented downtown and the property was meticulously designed with high-end touches throughout.”
Completed in late 2014, Mode by Alta is located at 2089 Pacific Blvd. in San Mateo. The three-story complex features one-, two- and three-bedroom floor plans averaging 979 square feet. Apartments have above-standard ceiling heights, spacious patios or balconies, oversized windows and high-end contemporary finishes. Community amenities include a fitness center and yoga studio, a contemporary lounge with a chef’s kitchen and resident business center, resort-style courtyards with water feature, fire pit and outdoor kitchen.