Real Estate

3,000-Unit Complex Fetches $1.3B In Peninsula Mega-Deal

Carmel Partners purchased the 3,000-unit Westlake Village Apartments community from Gerson Bakar & Associates, according to the report.

SAN MATEO COUNTY — A San Francisco investment firm has purchased a sprawling Peninsula apartment complex in a $1.3 billion megadeal, The Registry reports.

Carmel Partners purchased the 3,000-unit Westlake Village Apartments community from Gerson Bakar & Associates, according to the report.

Westlake Village Apartments sits on a 47-acre parcel near the Lake Merced Golf Club.

Find out what's happening in Redwood City-Woodsidefor free with the latest updates from Patch.

The complex includes cottages and townhomes, and rents studios to three-bedroom apartments for $1,895 to $4,495 a month, the report said.

The Daly City property is the second major development Gerson Baker & Associated have unloaded in the less than five months, according to the report. It sold the 759-unit Oak Creek Apartments in Palo Alto and Menlo Park to Stanford University in September for an amount not yet known.

Find out what's happening in Redwood City-Woodsidefor free with the latest updates from Patch.

Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.