San Bruno Transit-Oriented Multifamily Trades for $60M

Sares Regis Group of Northern California (SRGNC) has sold Aperture, an 83-unit luxury apartment community in downtown San Bruno, CA, with industry sources reporting the sale was for approximately $60 million to Carlsbad, CA-based Terramar Retail Centers.

Located at 400 San Mateo Ave. in downtown San Bruno, Aperture was developed by SRGNC with partner The Resmark Companies. The complex was the first residential project to come on line in the city since adoption of the San Bruno Transit Corridors Specific plan in 2013 to revitalize the area near Caltrain and promote smart, transit-oriented development.

SRGNC completed the project in 2019, and stabilized the asset prior to sale. With legislation like SB 50 seeking to encourage multifamily density around transit nodes, Sares Regis’ Ken Busch noted Aperture also replaces “a theatre that ceased operation years ago with 83 innovative homes that are providing a new, modern gateway to downtown San Bruno.”

For comments, questions or concerns, please contact Chris Egger