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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.




