Rentv.com, 5/14/2010
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Bay Area Multifamily Sales Review
A 14-unit apartment complex in San Mateo was purchased by a private investor for $2.95 mil ($210.7k/unit). The property is located at 22 East 20th, just off El Camino Real, a few blocks west of the intersection of Hwy 92 and Hwy 101. Situated in close proximity to CalTrain Bay Meadows station, the property consists of all one-bedroom/one-bath units. The entire first loan was financed by the seller for 12.5 years with just 11 percent received as a down payment from buyer at close. Neel Bhatia with Cassidy Turley BT Commercial represented both the buyer, Michael Cordon, and the seller, Fred Strebel.
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