(EDITOR’S NOTE: According to public documents, the transaction on December 20, 2019 for $60,250,000, or just over $725,903 per unit. The buyer was Virtú Investments, a West Coast-centric apartment fund manager.)
Sares Regis Group of Northern California (SRGNC) has closed escrow on the sale of Aperture, an 83-unit luxury apartment community in downtown San Bruno. Developed on just under one acre by SRGNC with its equity investment partner The Resmark Companies, Aperture was the first residential project to come online since the City adopted the San Bruno Transit Corridors Specific plan in 2013 to revitalize the area near Caltrain. SRGNC acquired the land at the corner of San Mateo Avenue and El Camino Real in 2015, completed construction on the project in 2019, and has since stabilized the asset by leasing 95 percent of the apartments.
“We’re proud to have had the opportunity to provide new housing to San Bruno by replacing a theatre that ceased operation years ago with 83 innovative homes that are providing a new, modern gateway to downtown San Bruno,” says Ken Busch, senior vice president for residential development at SRGNC. “These transit-friendly apartments contribute much to the surrounding area, and with negotiations progressing on leases for Aperture’s retail space, we’re glad to hand this property off as a stabilized, thriving community.”
Aperture is located at 400 San Mateo Avenue in downtown San Bruno, where it has a 90 “very walkable” rating from Walkscore. The community is a 10-minute walk to Caltrain and is close to a number of public transit options and Highway 101.
Amenities including a fitness studio, clubroom, outdoor barbecues and gathering areas, keyless entry, bike room, and EV charging stations for its residents. Just minutes from the San Bruno’s BART and Caltrain stations, the community is well-situated for residents to use public transit for trips up and down the San Francisco Peninsula.
Aperture’s design/development team includes architectural design firm KTGY, civil engineers RJA, structural engineers Nishkian Menniger, and general contractor Johnston Moyer.
The brokerage assignment was handled by the Jones-Saglimbeni Group of Institutional Property Advisors.
ABOUT SARES REGIS GROUP OF NORTHERN CALIFORNIA
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.9 million square feet of commercial properties valued at $6.7 billion and over 2,800 residential units under development. Since its inception, the company has acquired or developed over 21 million square feet of commercial properties and 20,000 multifamily and residential housing units.
ABOUT THE RESMARK COMPANIES
Founded in 1995, Resmark is a residential real estate investment manager that finances, develops and manages real estate in California, the Western United States, Texas, the D.C./Mid-Atlantic region, and other select major metropolitan markets nationwide. To date, Resmark has participated in more than 230 investments encompassing over 35,000 single-family lots and homes and multifamily residential units. Celebrating its 25th anniversary in 2020, Resmark is headquartered in Los Angeles and also maintains offices in San Diego and Irvine, California; Austin, Texas; and Washington, D.C.