Monday, April 21, 2014

Silicon Valley Apartment Complex Sells for $16.45 Million in San Mateo, CA

Mariner's West condominiums, 735 Fathom Drive, San Mateo, CA

Adam Levin
SAN MATEO, CA, 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. 

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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