San Francisco, CA, September 10, 2012 – Arroyo & Company announced today that it acted as advisor to an entity controlled by Westlake Realty Group in the disposition of Townhouse Plaza and Gardens, a 241-unit Mid-Rise/High-Rise multifamily complex located in downtown San Mateo, California. The property was acquired by Equity Residential of Chicago, Illinois for an undisclosed sum.
The property comprises a 154-unit mid-rise portion in addition to an 87-unit high-rise portion which, at 16 stories, is the tallest apartment building in the Peninsula, the Bay Area’s highly-desirable region immediately between San Francisco and the Silicon Valley.
Originally constructed in 1964 and 1972, the property includes one, two, and three bedroom units that average approximately 1,025 rentable square feet. Common area amenities throughout Townhouse Plaza and Gardens include two separate managerial offices, two swimming pools, two community rooms, and separate concrete parking structures. Equity Residential plans a major renovation and repositioning of the property, which has not been comprehensively renovated since its original construction.
Located west of El Camino Real in Downtown San Mateo, Townhouse Plaza and Gardens is 19 miles south of San Francisco, 16 miles northwest of Palo Alto, and 30 miles northwest of San Jose, and within walking distance to the Caltrain commuter rail line station in downtown San Mateo. The property lies directly between downtown San Mateo and an affluent neighborhood of single-family homes whose average value is well above $1MM.
Major employers in the area include the corporate headquarters of Genentech, Visa, Oracle, Google, Facebook, and Virgin America Airlines, in addition to significant operations maintained by Lockheed-Martin Space Systems and the NASA-Ames Research Facility at Moffett Federal Air Field.
Westlake Realty Group was represented in the transaction by brokers Nathan Blair, David Silver, Barrett Bass, and Ryan Wagner of San Francisco-based Arroyo & Company, and by attorneys Ofer Elitzur and Kevin Kinigstein of Cox, Castle & Nicholson LLP’s San Francisco and Los Angeles offices. Equity Residential acted on its own behalf.
Since 2003 the Arroyo & Company | California Multihousing Group has participated in the sale of more than 9,500 multifamily units on a total volume of more than $1.5 Billion. Specializing in the sale of conventional and affordable multifamily housing, retail, and commercial properties, Arroyo & Company provides a wide range of commercial real estate brokerage services for private and institutional investors throughout California and the West.