Transit-Oriented San Bruno Community Sold For $60.25M
Less than one year after starting leasing on the project, developer Sares Regis Group of Northern California has closed on the sale of Aperture, an 83-unit apartment community in San Bruno.
Located at 400 San Mateo Ave., the community changed hands for $60.25M, or about $726K per unit, to two entities registered to the address of offices for TRC Retail, according to county property records.
The first property to follow the city's San Bruno Corridors Specific Plan, Aperture came to a market ripe for housing and quickly leased up in its entirety, according to SRGNC Senior Vice President Ken Busch.
"The market was very underserved," Busch said. "There was really a huge demand and desire to move downtown."
Rents at Aperture, which is about one mile from San Bruno's Caltrain station, go for around $2,800 for studios, $3,400 for one-bedrooms and $4K for two-bedrooms, according to Busch.
In Q3 last year, San Mateo County's 5.3% year-over-year rent growth ranked it at the top among Bay Area counties, and increased its average asking rent to $3,215, according to brokerage Kidder Mathews.
In July, San Bruno controversially rejected Signature Development Group's 425-unit proposal for the city in a decision that stunned many developers and housing activists.
At Aperture, Sares Regis Group of Northern California partnered with equity investment partner The Resmark Cos., architect KTGY and general contractor Johnston Moyer to develop the one-acre property.
The Jones-Saglimbeni Group of Institutional Property Advisors handled the sale of Aperture for SRGNC.
TRC Retail did not immediately respond to a request for comment.
