One of the largest apartment sales in San Mateo County, Calif. has closed for nearly $100 million. Earlier today, West Coast-based investment sales brokerage Sperry Van Ness announced that the 697-unit Hillsdale Garden Apartments complex has sold for $97.3 million. The buyer is Essex Property Trust, a West Coast-based REIT.
Sperry Van Ness represented the buyer and the seller in the large deal. The seller was Washington, D.C.-based Hillsdale Garden Apartments. The property sits on a 30.2-acre parcel located near the major cross street of El Camino in central San Mateo. Monthly rents in the complex range from $905 to $1,745, according to Sperry Van Ness.