By Meghan Hall
A well-known family in the Bay Area’s commercial real estate market has moved fast to acquire a San Mateo apartment complex. In a deal that recently closed, the Spieker Family has purchased the Hayward Park Terrace apartment complex for $13.25 million, or about $552,083 per unit. According to the brokerage team, the sale closed in seven days, following a seven day due diligence period.
Cushman & Wakefield’s Northern California Multifamily Advisory Group, including Jason Parr, Scott Macdonald, John Hansen, Michael Bissada and Sydney Ladrech, worked to complete the sale. The brokerage team states that the complex is a “rare boutique multifamily community.”
The property, which was originally constructed in 1967, is located at 33 Hayward Ave. and totals 24 units. According to a listing on Loopnet.com, the two-story property has an average occupancy of 96 percent. Units are a mix of one or two bedrooms and are outfitted with amenities such as balconies, air conditioning and linen closets. Community features include a courtyard and laundry facilities, as well as a spa.
The property is immediately surrounded by residential uses. The San Mateo Arboretum Society, as well as a shopping center anchored by Draeger’s Market, Philz Coffee and sweetgreen, are also located nearby.
In recent weeks, several other multifamily deals have closed. At the beginning of August, Fowler Property paid $18 million, or about $214,000 per unit, for the Crestview Pines Apartments in Antioch. At the end of July, two Hayward assets–totaling 96 units–traded for $30.8 million to a private investor. The Townhomes of Casa De Luna traded for $15.85 million, while the Shadow Creek Apartments sold for $15 million. The deals signify momentum in the multifamily market as the sector continues to recover post-COVID-19.