San Mateo, CA (December 8, 2016) – Meacham Oppenheimer CORFAC International Principal Mike Messinger today announced the $6.3 million sale of a 13-unit apartment building in the San Mateo hills and near Highway 92.
David Silberstein, a vice president with San Jose-based Meacham Oppenheimer CORFAC International represented the seller in the transaction, a private high-net worth investor. The buyer of the apartment community, called Las Palmas, was a local investor.
The three-story apartment building is located at 1300 Palos Verdes Drive in the San Mateo hills halfway between the Bayshore Highway (Hwy 101) and Interstate 280. The average sale price of the 13 units was $485,000 per apartment.
The apartment homes are laid out in 2 bedroom/2 bath and one bedroom/one bath configurations ranging in size from approximately 600 square feet to nearly 1100 square feet, and there is an onsite management office. The kitchens and baths have been recently updated, there is a laundry facility and large pool on property. Laurelwood Shopping Center is within walking distance.
According to Apartments.com, an apartment marketing website, none of the apartment homes are available for lease.
About CORFAC International
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail properties, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. CORFAC has more than 80 offices throughout the Americas, Europe and Asia and in 2016 was recognized as a top 20 Commercial Real Estate Brokerage Services firm by the National Real Estate Investor. Founded in 1989, CORFAC firms completed more than 11,000 lease and sales transactions in 2015 totaling 500 million square feet of space valued in excess of $8.5 billion. For more information on the CORFAC network, call the Chicago headquarters at 224.257.4400 or visit www.corfac.com.