Newmark Completes $76 Million Sale of San Mateo Apartment Portfolio in California

August 8, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of the San Mateo Hills apartment portfolio, a 200-unit collection of five properties located in San Mateo, California. The portfolio sold for $76 million, averaging $380,000 per unit.

Newmark Executive Managing Directors Haden Ongaro and Brian Henry, Managing Director Jay Cross and Associate Alyssa Doyle marketed the properties on behalf of the seller, San Mateo Investment Company, and procured the buyer, an entity affiliated with The Spieker Companies. Marketing support was also provided by Newmark's Multifamily Debt & Structured Finance Team spearheaded by Managing Director Meghan Varga.

"The sale of the San Mateo Hills apartment portfolio marks a significant milestone for both the buyer and seller," said Ongaro. "This portfolio's prime location and high occupancy rate underscore its exceptional value, making it a highly sought-after investment opportunity."

Boasting occupancy of 98% at the time of sale, the portfolio includes Oakview Apartments (95 units), Glendora (38 units), Crown Towers (30 units), The Pines (20 units) and Westwood (18 units). San Mateo Investment Company developed the portfolio between 1968 and 1974, which had never previously been marketed for sale.

Nestled on a scenic ridge overlooking the San Francisco Bay near Highway 92 and Hillsdale Boulevard, the portfolio offers an unparalleled location, positioned midway between San Francisco and Silicon Valley. Residents enjoy convenient access to key destinations including downtown San Francisco, UCSF, Stanford University and the global headquarters of leading tech giants such as Apple, Meta, Google, Nvidia and Salesforce. Additionally, the Pacific Coast beaches at Half Moon Bay are just a 20-minute drive away.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world.To learn more, visit nmrk.com or follow @newmark.

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