CBRE Facilitates Sale of Two Multifamily Properties on San Francisco Peninsula for $8.5 Million

CBRE arranged the $8.5 million sale of two 10-unit multifamily properties, 620 Masonic Way and 630 Masonic Way in Belmont, California. The two properties are the latest examples of growing multifamily investment in the San Francisco Bay Area and demand for high-quality, well-located assets.

Pellegrini Apartments LLC sold 620 Masonic Way to Masonic Way LLC for $3.6 million. GRI Inc. sold 630 Masonic Way to 630 Masonic LLC for $4.875 million.

Adam Foley and Ben Mollahan on CBRE’s San Francisco Bay Area Multifamily team represented the sellers.

Both 620 Masonic Way and 630 Masonic Way have community laundry facilities, covered parking and are one block away from the Caltrain station. Three units at 630 Masonic Way have in-unit washer/dryers.

The sale of 630 Masonic Way was the highest price per unit sale in Belmont in more than three years. The seller purchased it in 2019 and renovated each unit over the last six years, which increased rents and elevated the property’s market position.

“These transactions reflect renewed private-capital activity in the Bay Area multifamily market. Both properties are almost identical in size and layout, yet the renovated property achieved a substantial premium, highlighting the strong demand for modern, turnkey assets in supply-constrained markets,” said Foley. “Multifamily properties in Belmont have had limited turnover the last few years, and with little new supply planned, the properties presented a rare opportunity for incoming investors.”

With these two transactions, Foley and Mollahan have represented the largest share of multifamily transactions in Belmont over the last two years, based on publicly recorded sales of 5-50 unit properties.

Annual multifamily investment volume for 2025 increased by 9.1% to $161.6 billion, according to CBRE Research. The fourth quarter of 2025 saw the highest multifamily investment volume in three years, accounting for 34% of all commercial real estate investment volume. The San Francisco Bay Area received the fourth largest investment in 2025, following New York Metro, Dallas/Ft. Worth and Greater Los Angeles.