BURLINGAME, CA-Apartment REIT Equity Residential of Chicago has acquired the 138-unit Skyline Terrace apartments, described as a “one-of-a-kind asset,” from Stellar Management of New York City for $52.3 million. The three-building property is located at 3133 Fontera Way near interstates 280 and 380, US Highway 101, State Route 92, the San Francisco International Airport and the Millbrae BART and Caltrain stations.

Stanford Jones, an executive vice president of investments with Marcus & Millichap, and Philip Saglimbeni, an associate vice president investments, both in the firm’s Palo Alto office, represented the seller. Patrick Hanlon, a principal of the Ackman-Ziff Real Estate Group LLC, also provided seller representation.

Jones, commenting on the property, said: “Skyline Terrace truly represents an iconic, one-of-a-kind asset. Located on irreplaceable real estate with outstanding views of the San Francisco Bay, the property has always been a strong performer.”

Saglimbeni adds that, from an investor’s standpoint, the mid-peninsula location “is especially appealing given the inherent supply constraints, high housing costs and proximity to San Francisco and major employment centers.”

Originally constructed in 1967, two-building Skyline Terrace won the National Association of Home Builders Gold Nugget Award for design excellence. Skyline Annex, completed in 1987, is the third building in the complex. Among the amenities at the property are views of the San Francisco Bay, a resort-style swimming pool and spa area with large sundeck, patio furnishings, barbecue cabana, community room, parking garage and a state-of-the-art fitness center.

The transaction was the second Bay Area multifamily deal in recent weeks involving Equity Residential. The Chicago-based REIT recently sold the 316-unit Whispering Oaks apartment complex in Walnut Creek to Ezralow-Capital Investments of Rocklin, CA for $48 million in a deal reported by GlobeSt.com.