Prometheus Real Estate Group Pays $188.5MM for 437-Unit San Bruno Multifamily Community

Prometheus Real Estate Group, San Bruno, Bay Area, Crystal Springs Terrace, Gerson Bakar and Associates, Richard Pivnicka
Courtesy of Prometheus Real Estate Group

By Kate Snyder

In a $188.5 million deal, Prometheus Real Estate Group continues to expand its holdings in the Bay Area with the purchase of a multifamily apartment complex located at the southwest corner of San Bruno’s Junipero Serra Park.

The sale for Crystal Springs Terrace closed on Sept. 19, according to public records. Apartments.com lists 437 units for the property, which would put the sale price at approximately $431,350 per unit.

The sellers were entities associated with Gerson Bakar and Associates in San Francisco and Silicon Valley-based Richard Pivnicka, according to public records. Both sellers were also involved in the sale of the 759-unit Oak Creek Apartments in Palo Alto and Menlo Park to Stanford University earlier this month, according to previous reporting by The Registry.

Crystal Springs Terrace is located at 2000 Crystal Springs Road, San Bruno, and according to the property’s website, includes a mix of studio, one- and two-bedroom apartments. Features of the complex include energy-efficient appliances, vaulted ceilings, private balconies and patios, swimming pools, a fitness center, covered parking and outdoor dining and barbecue stations.

According to the property’s website, the location offers easy access to Highways 280, 380 and 101 and is just minutes from the San Bruno Caltrain station and BART station.

Founded in 1965, Prometheus Real Estate Group owns properties in the Bay Area, Seattle and Portland. Representatives for the company were not immediately available for comment about the recent deal.

West Coast Commercial Real Estate News