Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the sale of Aperture, an 83-unit luxury multifamily community with approximately 6,600 square feet of retail space. Aperture is in San Bruno, California, 12 miles south of San Francisco. The brokerage assignment was handled by IPA’s Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia, the market share leaders for institutional multifamily sales throughout the San Francisco Bay Area. The property was developed by Sares Regis Group of Northern California, in a joint venture with The Resmark Companies, collectively the seller. The buyer was Virtú Investments, a West Coast-centric apartment fund manager. The purchase price was $60.25 million.
“The Peninsula is arguably the most supply-constrained market in the Bay Area, where there has historically been a dearth of apartment acquisition opportunities,” commented Philip Saglimbeni, IPA senior director. “Demand for housing in the area is insatiable, resulting in average citywide vacancy of just 2.7 percent.” Located on the San Francisco Peninsula, Aperture spans just under one acre in San Bruno’s vibrant downtown district. In addition to a vast array of neighborhood-serving retailers surrounding the property, Caltrain and Bay Area Rapid Transit (BART) stations are within walking distance from the community. Aperture is close to world-renowned employers such as Genentech, YouTube, Facebook and Walmart.com.
“Aperture is an excellent fit for our open-ended Virtú Evergreen Fund, which is currently targeting core and core-plus multifamily properties for more stable risk-adjusted returns, and provides allocation in a dynamic South San Francisco location,” said Evan Faulkner, Virtú’s head of acquisitions.