Belmont Apartment Sales Reflect Renewed Private-Capital Activity
CBRE arranged the $8.5-million sale of two 10-unit multifamily properties in Belmont: 620 Masonic Way and 630 Masonic Way. They represent the latest examples of growing multifamily investment in the San Francisco Bay Area and demand for high-quality, well-located assets, according to CBRE.
Pellegrini Apartments LLC sold 620 Masonic Way to Masonic Way LLC for $3.6 million. GRI Inc. sold 630 Masonic Way to 630 Masonic LLC for $4.875 million. Adam Foley and Ben Mollahan on CBRE’s San Francisco Bay Area Multifamily team represented the sellers.
The 630 Masonic Way deal represented the highest price per unit in Belmont in more than three years. The seller purchased it in 2019 and renovated each unit over the past six years, which increased rents and elevated the property’s market position.
“These transactions reflect renewed private-capital activity in the Bay Area multifamily market,” said Foley. “Both properties are almost identical in size and layout, yet the renovated property achieved a substantial premium, highlighting the strong demand for modern, turnkey assets in supply-constrained markets.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout