SAN MATEO, CA--(Marketwired - Mar 3, 2015) - Wood Partners, LLC announced that it has sold Mode by Alta, a 111-unit multifamily community on two acres in San Mateo, Calif., to Land & Houses USA Inc. for $73.6 million.
"Mode is an exceptional asset that presented us with another opportunity to apply our distinctive and integrated approach to development, marketing and operations," stated Brian Pianca, Wood Partners' Northern California Director. "This approach is strongly resonating with our target markets and we are excited by the opportunities that continue to present themselves as a result of this effort."
Mode by Alta, designed by Christiani Johnson Architects and built by SBI Builders, consists of two three-story buildings on top of a partially subgrade parking structure and includes a fitness room, resident lounge and club room and expansive amenity decks. One-, two- and three-bedroom units have hard-surface floors, stainless steel appliances and solid-surface countertops.
Located on the site of a former commercial printing facility at 2089 Pacific Boulevard, the property is adjacent to the Caltrain rail line and close to major employers including Oracle, Visa, Gilead, Sony and Franklin Templeton. It is centrally located between San Francisco and Silicon Valley.
Institutional Property Advisors was the broker for the sale.
Mode is the second luxury apartment community that Wood Partners has developed and sold in the San Francisco Bay Area. The first, Domain by Alta in Oakland, sold in 2013 for $103.2 million.
One of the nation's most active multifamily developers, Wood Partners has more than 3,000 units completed or under construction in Southern and Northern California, and a total of more than 4,200 on the West Coast stretching from Seattle to San Diego.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 53,000 homes with a combined value of more than $8.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com and follow our social media accounts, Twitter, Facebook, LinkedIn and Apartment Life Blog.