Real Estate
3,000-Unit Complex Fetches $1.3B In San Mateo County 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 San Mateofor 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 San Mateofor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.