88 Hillside

NORTHERN CALIFORNIA

DALY CITY, CA-Equity Residential REIT has acquired the 95-unit 88 Hillside complex, a condo project that the REIT is renting as apartments, in this week’s roundup of commercial real estate news in the West. The Chicago-based REIT bought the property from San Diego-based OliverMcMillan for an undisclosed price, but industry sources tell GlobeSt.com that Equity paid $41 million. OliverMcMillan, in an announcement regarding the sale, said that it had no plans to sell the previously stalled, unfinished project that it acquired and renovated, but it received an unsolicited offer from the buyer. The project, formerly known as Landmark Plaza, is a six-story complex on Mission Street near John Daly Boulevard in Daly City. "Our plans for 88 Hillside included refurbishing the look and feel of the project through interior and exterior upgrades and additional amenities," noted Dan Nishikawa, OliverMcMillan managing director and principal in charge. OliverMcMillan had planned to start condominium sales with Pacific Marketing Associates later this year after completing the multi-million dollar renovation. The property is now listed on the Equity Residential web site at 88 Hillside Blvd. According to the web site, the units range from one to three bedrooms and from 1,052 to 1,250 square feet, at rents of $2,550 to $3,050.