Ethos, Vistria JV buys Hillsdale Garden Apartments in Bay Area for $252M from Essex; set to be one of California’s largest market rate to affordable housing conversions

10/24/2024

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MHN

• Subcategory: Capital Markets: Debt, MF: Affordable, MF: Market Rate

• Tag: Conversion | JV-Partnership | Sale

• Additional Filters-Subcategory: Capital Markets: Agency Loan, MF: Garden

• Additional Filters-Tags: Conversion: Market Rate-to-Affordable

Ethos Real Estate has acquired Hillsdale Garden Apartments, a 697-unit community in San Mateo, Calif., for $252.4 million. Essex Property Trust sold the property, according to San Mateo County public records. KeyBank issued a Freddie Mac acquisition loan.

Ethos Real Estate will partner with The Vistria Group to begin a renovation effort at the property, converting it to affordable housing in the process. The project, slated to begin work next month, is set to be one of California’s largest market-rate to affordable housing conversions.