Ethos Real Estate Acquires Hillsdale Garden Apartments for $252.4 Million
Ethos Real Estate, in collaboration with The Vistria Group, is converting the newly acquired Hillsdale Garden Apartments into affordable housing—one of California’s largest projects of its kind.
Ethos Real Estate has successfully acquired Hillsdale Garden Apartments, a 697-unit community in San Mateo, California, for $252.4 million from Essex Property Trust. The transaction was facilitated by a Freddie Mac acquisition loan from KeyBank.
In collaboration with The Vistria Group, Ethos will initiate a significant renovation project at the property, aimed at converting it into affordable housing. This undertaking, set to commence next month, is poised to become one of the largest transformations of market-rate to affordable housing in California.
Originally opened in 1948, the property will undergo extensive interior and exterior upgrades. Once the renovations are complete, the community will cater to households earning at or below 80% of the Area Median Income (AMI).
In addition, Pacific Housing, a California-based nonprofit, will provide resident-focused services, including adult education programs aimed at skill development and after-school options such as homework help and outdoor activities.
Hillsdale Garden Apartments spans 52 two- and three-story buildings and features a mix of studio, one-, two-, and three-bedroom units that range from 567 to 2,100 square feet. The community includes amenities like a swimming pool and basketball court. Located at 3500 Edison St., it is just 23 miles from Downtown San Francisco, with nearby access to transit stops, parks, and a 1.1 million-square-foot shopping center.
Margaret Anadu, senior partner and head of real estate at The Vistria Group, noted that this conversion will rely on a public-private partnership to address the local need for affordable housing.