FOSTER CITY, CALIF. – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Harbor Cove Apartment Homes , a 400-unit waterfront apartment complex in Foster City, Calif., the geographical midpoint between San Francisco and Silicon Valley. The sales price of $138 million equates to $345,000 per unit.
IPA executive vice president investments Stanford Jones, IPA vice president investments Philip Saglimbeni and IPA vice president investments Salvatore Saglimbeni advised the seller, Essex Property Trust. The buyer is a fund sponsored by Acacia Capital Corporation. In addition to Harbor Cove, the Jones-Saglimbeni Team has brokered seven other major trades in the Bay Area year to date, with over $300+ million in pending closings.
“Despite significant volatility in the capital markets over the past few months, we continue to see very strong and qualified activity on well-located assets positioned to capitalize on the Bay Area’s vibrant economy”, says Jones. “The primary acquisition premise for Harbor Cove is based on an extensive renovation strategy, which is driven by wide spreads to Class-A rents in the immediate market. Furthermore, Harbor Cove’s micro-location is arguably the best in Foster City, boasting dramatic waterfront views, award-winning schools and immediate access to both retail and employers.”
“Opportunities to acquire larger multifamily assets in the mid-peninsula market are extremely rare. In fact, Harbor Cove is the only 100-plus unit asset that has traded hands in Foster City since 2004,” adds Philip Saglimbeni.
The property is located on more than 15 acres at 900 East Hillside Blvd. in Foster City, Calif.
Built in 1971 on the waterfront of Foster City’s largest lake, Harbor Cove Apartment Homes is composed of 12 three-story residential buildings and one two-story leasing office/clubhouse. Approximately 30 percent of the apartments have full or partial water views and all residents have direct private access to the lakefront recreation area.
The complex features an outdoor swimming pool with sundeck, barbecue and picnic area with gazebo, sand volleyball court, two tennis courts, extra storage, carports, open space parking and a renovated clubhouse with a lounge, kitchen area and state-of-the-art fitness center.
Floor plans average approximately 767 square feet and apartments feature fully equipped kitchens and a private balconies or patios.