Romel Enterprises has bought 888 San Mateo, a 160-unit apartment community in San Mateo, for an undisclosed amount.
Moran & Co. partner Brett Betzler, who represented the seller, said the property was one of the most sought-after multifamily assets on the Peninsula.
“Assets of this size and vintage are typically held by long term owners, and rarely come to market,” Betzler said in a statement. “The Peninsula is one of the most sought after submarkets in the country, yet there have only been a handful of modern-vintage apartment sales in the last decade.”
The property, built in 2014, sits on the border of San Mateo and Burlingame near the Burlingame Caltrain station. It is LEED Platinum certified and has a mix of studio, one- and two-bedroom apartments. It was developed by Sares Regis Group of Northern California in partnership with owner AFL-CIO Building Investment Trust.
Moran & Co. was selected in June to market the property. At the time it hit the market, the company said a new owner would have an opportunity to boost rents through inexpensive upgrades and bringing rents in line with the market through lease expirations and amenity premiums.
Betzler said there were multiple competitive bids for the property, but the seller selected Romel due to its strong track record and local expertise in the market. Romel is based in San Mateo and specializes in multifamily residential.