The Resmark Co. and Sares Regis Group sell luxury multifamily community for $60m
A joint venture with The Resmark Co. and Sares Regis Group has sold the Aperture, an 83-unit luxury multifamily community with approximately 6,600 square feet of retail space. Aperture is in San Bruno, Calif.
Virtú Investments, a West Coast-centric apartment fund manager, paid $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