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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.

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