Real Estate

Spieker Buys 201-Unit San Mateo Portfolio for $53.6M, Expands Holdings

Spieker Companies acquires 201-unit San Mateo apartment portfolio for $53.6 million, expanding Bay Area holdings.

By Tal Alexander

7/11, 14:48 EDT
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Key Takeaway

  • Spieker Companies acquired a 201-unit apartment portfolio in San Mateo for $53.6 million, including the 96-unit Oakview Apartments.
  • The seller, San Mateo Investment Company, has significantly reduced its real estate holdings with this transaction.
  • This acquisition adds to Spieker's existing portfolio of 2,900 multifamily units in Santa Clara and San Mateo counties.

Spieker Companies Acquires San Mateo Portfolio

In a significant move within the residential real estate market, Spieker Companies, led by Richard “Tod” Spieker and Catherine Spieker, has acquired a 201-unit apartment portfolio in San Mateo for $53.6 million. This acquisition, finalized on June 20, includes five properties built in the 1960s and early 1970s, previously owned by the San Mateo Investment Company. The deal marks a substantial shift in the ownership of these properties, with the seller, a firm run by the descendants of Swedish immigrant Axel V. Johnson, cashing out a large portion of its real estate holdings.

Details of the Acquisition

The portfolio's largest asset is the Oakview Apartments, a 96-unit residential complex located at 3135 Campus Drive near The Peninsula Golf and Country Club, which sold for nearly $20.8 million. Other properties in the package include the Glendora Apartments (37 units), Crown Towers Apartments (30 units), The Pines Apartments (20 units), and the Westwood Apartments. This acquisition adds to Spieker Companies' extensive portfolio, which already includes 2,900 multifamily units throughout Santa Clara and San Mateo Counties.

Market Dynamics and Broader Implications

This acquisition is indicative of broader trends in the residential real estate market, particularly in high-demand areas like San Mateo. The transaction highlights the ongoing consolidation within the market, where larger firms like Spieker Companies continue to expand their holdings. The sale also reflects the strategic decisions by long-standing property owners to liquidate significant portions of their portfolios, potentially in response to market conditions or shifts in investment strategies.

Spieker Companies' Strategic Expansion

Spieker Companies' recent acquisitions, including a $15 million purchase of a San Jose apartment complex last year, underscore the firm's aggressive expansion strategy. This latest acquisition not only increases their footprint in the Bay Area but also enhances their portfolio with properties that have a mix of recently renovated units and potential for further value addition. The firm's history and leadership, particularly Tod Spieker's involvement and contributions to the community, add a layer of depth to their business operations and strategic decisions.