Two small multifamily assets in Belmont have traded hands in separate transactions that CBRE says underscore a rebound in private-capital activity in the San Francisco Bay Area. The brokerage arranged the $8,500,000 sale of the 10-unit properties at 620 Masonic Way and 630 Masonic Way, describing the deals as further evidence of investor appetite for well-located, higher-quality multifamily holdings in the region.
At 620 Masonic Way, Pellegrini Apartments LLC sold the 10-unit building to Masonic Way LLC for $3,600,000. In the second transaction, GRI Inc. sold the 10-unit property at 630 Masonic Way to 630 Masonic LLC for $4,875,000. Both buyers and sellers are private entities, and the assets are similar in size and layout, providing a clean comparison of investor pricing for different levels of renovation and quality.
CBRE’s San Francisco Bay Area Multifamily team, led by Adam Foley and Ben Mollahan, represented the sellers in both sales. The brokerage noted that these trades are part of a broader increase in multifamily investment activity across the Bay Area, with investors targeting established locations such as Belmont that offer stable renter demand and constrained supply.
The 630 Masonic Way transaction set a notable benchmark for Belmont, achieving the highest price per unit in the city in more than three years, according to CBRE. The seller acquired the property in 2019 and undertook a multi-year renovation program, upgrading each apartment over a six-year period. Those improvements supported higher rents and elevated the building’s competitive position in the local rental market.
By contrast, 620 Masonic Way, while comparable in unit count and layout, did not benefit from the same depth of recent renovations, resulting in a lower overall valuation relative to its sister property. The price differential between the two assets highlights how investors are currently assigning a clear premium to modernized, turnkey multifamily buildings, particularly in locations where new supply is limited.
Commenting on the sales, Foley said the Belmont trades illustrate renewed private-capital interest in Bay Area multifamily and reinforce that investors are willing to pay up for upgraded assets. He added that the performance of 630 Masonic Way, relative to the similarly configured 620 Masonic Way, underscores the market’s preference for recently renovated properties that can capture stronger rent levels without requiring additional near-term capital outlays.
CBRE also framed the transactions as indicative of a broader shift in Bay Area multifamily investment patterns, with private buyers selectively pursuing opportunities that balance manageable scale with strong in-place performance. In this context, the Belmont sales serve as a reference point for how the market is valuing renovated versus non-renovated stock in a supply-constrained submarket, and how private capital is re-engaging following a period of slower transaction volume.
