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California  + Bay Area  + Apartments  | 

San Mateo Apartments Fetch $76M in First Time on Market

Newmark arranged the sale of the San Mateo Hills apartment portfolio, a 200-unit collection of five properties located in San Mateo. The portfolio sold for $76 million, averaging $380,000 per unit. 

Newmark executive managing directors Haden Ongaro and Brian Henry, managing director Jay Cross and associate Alyssa Doyle marketed the properties on behalf of the seller, San Mateo Investment Company, and procured the buyer, an entity affiliated with The Spieker Companies.  

“The sale of the San Mateo Hills apartment portfolio marks a significant milestone for both the buyer and seller,” said Ongaro. “This portfolio’s prime location and high occupancy rate underscore its exceptional value, making it a highly sought-after investment opportunity.” 

With occupancy of 98% at the time of sale, the portfolio includes Oakview Apartments (95 units), Glendora (38 units), Crown Towers (30 units), The Pines (20 units) and Westwood (18 units). San Mateo Investment Company developed the portfolio, which was never previously marketed for sale, between 1968 and 1974.

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Newmark's Ongaro

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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