Newmark facilitated the sale of a 200-unit collection of five properties known as the San Mateo Hills apartment portfolio. The portfolio, located in San Mateo, sold for $76 million with an average price per unit of $380,000.
Leading the transaction were Newmark Executive Managing Directors Haden Ongaro and Brian Henry, along with Managing Director Jay Cross and Associate Alyssa Doyle. They represented the seller, San Mateo Investment Company, and successfully procured a buyer affiliated with The Spieker Companies.
According to Ongaro: “The sale of this prime location portfolio is a significant achievement for both parties involved.” He also noted that its high occupancy rate further highlights its exceptional value and desirability as an investment opportunity.
At 98% occupancy at the time of sale, this well-maintained portfolio includes Oakview Apartments (95 units), Glendora (38 units), Crown Towers (30 units), The Pines (20 units) and Westwood (18 units). Developed by San Mateo Investment Company between 1968-1974 specifically for rental purposes; these properties had never been previously marketed for sale before now.
