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76-unit apartment complex near downtown Burlingame has sold for $26.3 million, or approximately $350,000 per unit, after over a year on the market. The property, located at 1239 Oak Grove and 1404 Floribunda, was owned by Peninsula Income Property Investments since at least the 1990s. Herbert Humber is listed as one of its managers.

    The complex first listed for $34.2 million in April 2023 before being reduced to $30.4 million in June. It sold to Oak Grove Floribunda LLC, managed by Zach Trailer, a Compass agent specializing in luxury Peninsula single-family sales. The sale was facilitated by Marcus & Millichap agents Robert Johnson and Cole Simpson.

    Investor activity has focused on Burlingame and Redwood City-Menlo Park, with more complexes changing hands in those markets over the previous four quarters than in the prior term. San Mateo County's multifamily vacancy rate is predicted to fall to 5.3 percent by year-end, matching 2019 figures.

    Rental rates are increasing across the Bay Area, with San Francisco rents up 4% year-over-year and Menlo Park rents rising 2.8%. However, San Mateo rents have decreased 8.5%, indicating that renters are feeling the impact of higher prices.