SAN MATEO, Calif. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million.
The mixed-use property includes a 135-unit age-restricted community with six ground floor retail spaces in the Bay Area city of San Mateo.
Originally constructed in 1957 as the Villa Hotel, the 4.5-acre property was converted to apartments in 2006. The community is nearby a shopping center currently undergoing a 290,000-square-foot expansion, and is walking distance from the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose.
The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris represented the seller, Acacia Capital. The buyer was Elder Care Alliance.
CBRE Capital Markets’ Debt & Structured Finance team arranged $30.4 million in acquisition financing for Elder Care in the transaction. Fannie Mae will provide the 10-year, fixed-rate financing.
Elder Care Alliance is a California-based nonprofit seniors housing operator.