“Institutional-quality acquisition opportunities in San Mateo are extremely rare,” says Jones. “Mode by Alta is the first 100-plus unit class A asset to trade in the city in over 10 years. The inventory of luxury rental units in San Mateo is anemic, resulting in a severe supply/demand imbalance for high-wage earners seeking rental housing in the area.”

Phil Saglimbeni adds that "Recent economic growth along the San Francisco Peninsula has been explosive. In additional to thousands of tech and biotech jobs in the immediate area, San Mateo's geographic proximity to both San Francisco and Silicon Valley is an especially compelling attribute for residents. The community is within walking distance of Caltrain and only one mile from San Mateo's thriving, pedestrian-oriented downtown and the property was meticulously designed with high-end touches throughout.”

Phil Saglimbeni tells GlobeSt.com that "We've had three years of rent growth of nearly 40%, which is causing values to escalate. This is creating sellers in an area where there were previously very few." He adds that "We are now seeing a spillover effect from San Francisco with companies targeting coveted San Mateo County real estate."

The property is centrally located between San Francisco and Silicon Valley on a two-acre site of a former commercial printing facility at 2089 Pacific Blvd. in San Mateo. The multifamily property is adjacent to the Caltrain commuter rail line and close to major employers including Oracle, Visa, Gilead, Sony and Franklin Templeton.

Mode by Alta was completed in mid-2014 with a design by Christiani Johnson Architects and construction by SBI Builders. It consists of two three-story buildings atop a partially subgrade parking structure and includes a fitness room, resident lounge, club room and expansive amenity decks. One-, two- and three-bedroom units have hard-surface floors, stainless steel appliances and solid-surface countertops. Other resident services include an on-site concierge, dry cleaning delivery, car wash and detailing, in-home salon services, housekeeping service, car share and numerous additional conveniences.

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. Earlier this week, Wood Partners sold 8^th + Hope, a 22-story, 290-unit building in downtown Los Angeles to Palo Alto-based Essex Property Trust for $200 million.

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. It 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-plus units.

Wood Partners could not provide additional information to GlobeSt.com on the deal at this time but we will update this story if we learn more.