Big Pleasanton apartment complex is purchased in $248 million deal
Park Hacienda Apartments is scooped up by a Bay Area investment firm
PLEASANTON >> A big apartment complex in Pleasanton next to the vast Hacienda Business Park has been bought by a Bay Area investment group in a deal that suggests the housing market remains sturdy in that section of the East Bay.
Park Hacienda, a 540unit residential complex, has been purchased for $248 million by Acacia Capital Corp., according to JLL Capital Markets, a commercial real estate firm that represented the seller.
The seller was Equity Residential, a Chicagobased unit that’s part of the real estate empire commanded by legendary developer Sam Zell.
The apartments were bought for roughly $459,000 a unit, which makes the deal one of the largest residential property deals ever in the Bay Area, JLL said. JLL executives Scott Bales, Peter Yorck, Nolan Moore, and Max Machiorlette helped to arrange the deal.
“Amenities include two swimming pools, a fitness center, covered and underground parking, and direct public park access,” JLL stated.
The Pleasanton apartments deal is the latest in a string of high-value purchases of residential complexes in the Bay Area by an array of investors.
Just a few days ago, on Feb. 27, Wisconsin-based The Northwestern Mutual paid $184 million for 808 West Apartments, a new 315-unit complex in downtown San Jose at 808 W. San Carlos St.
Teachers Insurance and
Annuity paid $145.2 million in November 2019 for the 340-unit Terra House apartment complex near Branham Lane and Snell Avenue in south San Jose.
The 230-unit Linq apartments complex, located at 1700 Newbury Park Drive in San Jose near the Berryessa BART station, was bought in October 2019 for $103.8 million by Stockbridge Capital Group.
In September 2019, The Village Residences, a 330unit apartment complex on South San Antonio Road in Mountain View, was bought for $292 million by Brookfield Property Group.
In June 2019, an Equity
Residential affiliate paid $180.5 million for The Lex apartments, a 387-unit residential complex located in south San Jose at 5560 Lexington Ave.
Pacific Urban Residential in April 2019 paid $132.5 million for the 251 Brandon at Riverview Apartments, a 271-unit complex just off North First Street in north San Jose.
Pleasanton’s Park Hacienda apartments are a twodecade-old property in Hacienda Business Park and are near major operations of big players such as Oracle, Kaiser, Veeva Systems, and Roche.
“Originally completed in 2000, the property has been partially renovated,” JLL said.
The apartments include one-, two-, and three-bedroom units with an average size of 998 square feet.
“Renovated units are equipped with stainless steel appliances, full-size washers and dryers, and personal patios with storage,” according to JLL.