SAN MATEO, Calif., April 21, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Mariner’s West, a 45-unit condominium-style multifamily complex in the Silicon Valley city of San Mateo, Calif. The $16,450,000 sales price equates to $365,556 per unit.
Adam Levin, a vice president investments, and Eric Katz, an associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, a private equity firm, and the buyer, a private family LLC in a 1031 exchange.
“Mariner’s West is well positioned for NOI growth through the continuation of its renovation plan and by virtue of its location, amenities, the submarket’s perpetual housing constraints and the continued economic upturn in Silicon Valley,” says Levin.
Situated on 1.1 acres at 730 Mariner’s Island Blvd. and 735 Fathom Drive in San Mateo, Calif., the property is near major employers including Oracle, Visa, Sony Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts. Gilead Sciences is redeveloping portions of a 72-acre site directly across from Mariner’s Island Boulevard where it plans to build up to 22 office and laboratory buildings. Interstates 280 and 880, State Route 92 and U.S. Highway 101 are nearby and Caltrain’s Hillsdale Station and the Santa Clara Valley Transportation Authority’s light rail system are just a short drive away.The Bridgepointe Shopping Center is within walking distance.
Built in 1979, Mariner’s West features 30 one-bedroom/one-bath units and 15 two-bedroom/one-bath apartments. Almost all the units have water views. The property has been meticulously remodeled inside and out over the past year. The exterior renovations include new landscaping, resurfaced driveways, new multi-tone exterior paint and newly resurfaced balconies. Part of the common area space was completely gutted and replaced with a brand new leasing office. The common areas and hallways have been updated with new carpets and lighting and 30 apartment interiors have been extensively remodeled with an open, contemporary design. Kitchens feature modern plank hardwood-like flooring, new stainless steel and energy-efficient appliances, granite countertops and new Shaker-style cabinets. The bathrooms have been completely redone with modern vanities, mirrors and granite countertops. Each unit has two-tone paint, new carpet, six-panel doors, brushed-nickel fixtures, upgraded ground fault circuit interrupters and high-end energy-efficient lighting fixtures.
The community offers residents exclusive access to a private homeowner’s association, which provides use of an Olympic-size swimming pool, a full-size swimming pool, a children’s swimming pool, a sauna, a modern fitness center, a sports court, a clubhouse with a full bar that is available for private parties, a boat launch station and private boat storage.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.