CORFAC News

San Mateo, CA – Meacham Oppenheimer/CORFAC International Principal Mike Messinger today announced the $6.3 million sale of a 13-unit apartment building in the San Mateo hills and near Highway 92.

David Silberstein, a vice president with San Jose-based Meacham Oppenheimer/CORFAC International represented the seller in the transaction, a private high-net worth investor. The buyer of the apartment community, called Las Palmas, was a local investor.

The three-story apartment building is located at 1300 Palos Verdes Drive in the San Mateo hills halfway between the Bayshore Highway (Hwy 101) and Interstate 280. The average sale price of the 13 units was $485,000 per apartment.

The apartment homes are laid out in 2 bedroom/2 bath and one bedroom/one bath configurations ranging in size from approximately 600 square feet to nearly 1100 square feet, and there is an onsite management office. The kitchens and baths have been recently updated, there is a laundry facility and large pool on property. Laurelwood Shopping Center is within walking distance.

According to Apartments.com, none of the apartment homes are available for lease.