Sares Regis Group of Northern California has closed escrow on its purchase of Mode in San Mateo, a luxury apartment community in San Mateo, California, from Land and Houses. The 108,700-square-foot community consists of 111 one-, two-, and three-bedroom apartment units across two buildings, located in close proximity to Highway 101, the San Mateo Bridge, and two Caltrain stations, offering easy access to Silicon Valley.
The developer has received conditional approval from the city of San Mateo to convert eight of the existing two-bedroom units into 16 studio units, to be done along with improvements to the common areas and unit interiors. This will raise the total number of units to 119, with 12 designated affordable. Construction is set to begin in the first quarter of 2021.
“We’re excited to have acquired this high-quality apartment community in this centrally located and highly desirable area of the Peninsula,” says Drew Hudacek, chief investment officer, development properties at SRGNC. “We look forward to beginning construction early next year that will improve this community and add additional and much-needed housing to the site.”
Mode’s community amenities include a dog run, a fitness center, a yoga studio, and a resident clubhouse with a kitchen, a business center, and two outdoor courtyards with barbecue and picnic areas. Resident storage, bicycle parking, and a total of 219 parking spaces are also available. Existing sustainable features include rooftop solar energy.