SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Burlingame Towers, an 85-unit, eight-story apartment building in Burlingame, California.
HFF marketed the asset on behalf of the seller, Mayfield Companies. Romel Enterprises, LLC purchased the property after defeasing the existing loan.
Burlingame Towers is situated in downtown Burlingame at 1469 Bellevue Avenue approximately one half of a mile from the Burlingame Caltrain Station, which provides direct access to San Francisco and downtown Palo Alto. The mid-rise building is Burlingame’s tallest residential structure offering views of the San Francisco Bay/Peninsula and is within walking distance of the downtown area’s retail and dining attractions. Burlingame Towers has 85 one-, two- and three-bedroom units with floor-to-ceiling windows and private balconies. Property amenities include a heated swimming pool with outdoor seating area, lobby with resident social areas and a two-level parking garage with elevator access.
The HFF investment sales team representing Mayfield Companies was led by managing director Scott Bales and associate director Adam Simon.
About Mayfield Companies: Since 1972, Mayfield Companies, comprised of Mayfield Investment Company, Inc., Orcal Management, Inc., Mayfield Management Company, Mayfield Construction Company, and 70 general and limited partnerships, has owned, managed and renovated in excess of 1,300 apartments and 370,000 square feet of office space. These holdings are valued at more than $120 million, with locations in the San Francisco Bay Area, Portland, Oregon and Seattle, Washington Metropolitan Areas. The Palo Alto office is the principal place of business for Mayfield Companies.
About Romel Enterprises, LLC: Romel Enterprises, LLC is a real estate investment company based in San Mateo, California and privately owned and managed by the Batt Family. As a principal, Romel invests in high-quality office buildings, commercial distribution centers, flex spaces and multifamily apartments throughout the U.S. The Romel portfolio can be found in A locations within gateway markets. The current portfolio consists of institutional quality office buildings and multifamily apartments, valued at more than $400 million.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.