Pacific Gardens Townhomes.
Rental townhomes converted to condominiums in the middle of the Bay Area’s housing shortage. Executed with The Hutton Group and sold through.
Project recordPacific Gardens Townhomes, 25 McAker Ct, San Mateo, CA: 38-unit, 50,084 SF rental-to-condominium conversion executed by EV Capital Partners (now STILL Property Group) with The Hutton Group; completed Q1 2024 over a 24-month hold, with 11 units (nearly 30%) pre-sold before closing and in-house build costs of $708/SF against a $800–950/SF regional average. Past performance is not indicative of future results.
- Asset
- 38 townhomes · avg 1,318 SF
- Conversion
- Rental to condominiums
- Pre-sales
- 11 units (~30%) before closing
- Outcome
- Completed Q1 2024 · 24-month hold
The property.
A 38-unit rental townhome community in central San Mateo, blocks from downtown and the Caltrain corridor, in one of the country’s deepest housing deficits.
The buildings were sound and the location exceptional. The value gap sat in ownership: townhomes renting as apartments, in a market where families wanted to buy.
Rental to ownership.
The conversion mapped each townhome to a condominium, rebuilt interiors to for-sale standard, and secured the exit before it was needed: 11 of 38 homes were pre-sold before closing. The Hutton Group’s conversion practice handled mapping, legal structure, and remarketing.
Rebuilt interiors, staged for sale.
The community.
38 homes sold into the market that needed them, completed Q1 2024.
The full cycle ran 24 months from acquisition to completion. Pre-sales before closing secured the exit up front, and the same Bay Area practice continues today with Pioneer Vista.
Past performance is not indicative of future results.