Spieker buys 201-unit San Mateo apartment portfolio

Residential landlord Spieker Companies has acquired a 201-unit apartment portfolio in San Mateo for $53.6 million, The Real Deal has learned. 

Spieker, led by Richard “Tod” Spieker and Catherine Spieker, closed on the five-property package, which includes structures built in the 1960s and early 1970s, on June 20, property records show.  

The seller is San Mateo Investment Company. The firm is run by the descendants of Axel V. Johnson, a Swedish immigrant who at one point owned the Villa Hotel in San Mateo. With the deal, the firm has cashed out from a large portion of its real estate holdings. Before the transaction, the company had a portfolio of around 200 apartment units and eight duplex properties in San Mateo, its website shows. 

Neither Spieker or San Mateo Investments could be reached for comment. 

The largest piece of the portfolio is the Oakview Apartments, a 96-unit residential complex in San Mateo. The asset, located at 3135 Campus Drive near The Peninsula Golf and Country Club, sold for nearly $20.8 million. The four-story property was built in 1974. More than half of the units in the complex were recently renovated, according to a listing on Apartments.com. 

Other assets in the package include the Glendora Apartments at 1300 Overland Drive (37 units), the Crown Towers Apartments at 3214 Palos Verdes Court (30 units), The Pines Apartments at 1333 Palos Verdes Drive (20 units) and the Westwood Apartments at 1241 West Hillsdale Boulevard. 

Tod Spieker owns and operates 2,900 multifamily units throughout Santa Clara County and San Mateo County, according to his bio on the UCLA Zilman Real Estate Board website. Spieker, who was an All-American swimmer at the school, is a benefactor of the university’s sports program. In 2009, he donated a water polo, swimming and diving facility that was named the Spieker Aquatics Center. 

Last year, Spieker Companies bought a San Jose apartment complex for $15 million.