Moran & Co. Selected To Sell San Mateo Apartment Complex
Moran & Co. has been selected by the owner of 888 San Mateo to sell the property. The 160-unit apartment community at 888 North San Mateo Drive in San Mateo was completed in 2014. Sares Regis Group of Northern California developed the property in a partnership with the project’s owner, AFL-CIO Building Investment Trust.
The transit-oriented Class-A apartment complex is LEED Platinum certified and offers amenities such as a business center, a community room, a pool, a spa, a fitness center, a dog park and a bike repair shop, according to Sares Regis’ website. It offers junior one-bedroom and one- and two-bedroom units.
Moran & Co. partner Brett Betzler said this is a rare opportunity in the San Francisco Peninsula.
“This is the most sought-after submarket in the country, and yet you can count the number of modern-vintage Peninsula apartment trades in the last decade on two hands,” Betzler said in a statement.
The property is 10 minutes from Oyster Point, an area of South San Francisco expected to nearly double its R&D and lab space in the next decade, Betzler said. The property also is close to Facebook, Oracle, Microsoft, Apple and Google offices.
The complex at 888 San Mateo is three blocks from Burlingame Caltrain station and is the first apartment complex with over 100 units built near downtown Burlingame within the last 40 years.
The new owners have the ability to boost rents by implementing inexpensive upgrades and recasting lease expirations and amenity premiums to bring rents in line with the market, according to Moran & Co.