SAN MATEO, Calif., Jan. 11, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Villa at San Mateo, a mixed-use property including a 135-unit active-living community with six ground floor retail spaces in San Mateo, California. The sales price is $46.5 million.
“The Villa at San Mateo’s investment appeal is supported by its strong historical operations and affluent local demographic,” says Phil Saglimbeni, IPA executive director. “Over the trailing 12 months, economic performance trended very favorably, with property-level income up more than 10 percent.”
The team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni and Mark L. Myers, IPA executive directors, and Joshua Jandris, IPA senior director, represented the seller, Acacia Capital. The buyer is Elder Care Alliance.
“Active-living communities in the San Francisco Bay Area are infrequently traded, making The Villa at San Mateo a unique opportunity,” adds Myers. “The asset is well positioned for growth, given the market’s perpetual housing constraints, the growing active-living 55-plus age group, and the economic strength of the San Francisco Peninsula.”
The community is located at 4000 S. El Camino Real in San Mateo, less than one mile from the Bay Meadows redevelopment area and the Hillsdale Shopping Center, which is undergoing a 290,000-square-foot expansion project. Downtown San Mateo is within three miles and the Hillsdale Caltrain Station, which offers express service to San Francisco and San Jose, is within walking distance.
Originally constructed in 1957 as the Villa Hotel, the property was converted to apartments in 2006. Community amenities include a heated, resort-style swimming pool, a community room, game room, library, theater room, fitness center, resident lounge, four laundry rooms and a private dining room attached to an adjacent restaurant. The one- and two-bedroom apartment homes average approximately 755 square feet.