South San Francisco, CA March 5, 2019 Submitted by AngeLin Vu
Colliers International just closed escrow on seven parcels of land near downtown Burlingame to be merged into a new housing complex. —
Credit: City of Burlingame
Redwood City, March 5, 2019 – Colliers International team of Brett Weber, Steve Divney, Ryan Young and John McLellan recently sold a 128-unit apartment development site with 13 affordable units in Burlingame, CA. 920 Bayswater Avenue property is located three (3) blocks from downtown Burlingame and the Burlingame Caltrain Station. What makes this deal unique is that the assemblage consisted of seven (7) parcels of land with four (4) separate owners. Our team worked together to combine these seven parcels which created a development envelope of ±53,012 SF of land.
“The developer, Fore Property Company, created a great opportunity for the Burlingame community by working with the four different ownership groups and the neighborhood association to create much-needed housing in Burlingame.” said Colliers International Senior Vice President, Brett Weber.
Fore Property Company is the buyer and developer with plans to merge the seven parcels into a four-story, 128-unit multifamily residential apartment building. According to the City of Burlingame, the plan includes 29 studios, 54 1-bedroom, three (3) 1-bedroom + den, 35 2-bedroom and six 3-bedroom units. The ±1.2-acre site is located at the corner of Bayswater Avenue and Myrtle Road. The existing split zoning of MMU (Myrtle Mixed Use) and R3 zoning will be maintained. The property will also include underground parking in two levels.
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Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International San Francisco Peninsula, follow us on Twitter @Colliers_RWC and Facebook.