Extensive apartment complex in Sunnyvale sold for over $100M
A big Sunnyvale apartment complex has been bought for more than $100 million by a veteran real estate investor in a sign of ongoing interest in prime Silicon Valley properties.
Cherryhill Apartments in Sunnyvale was bought for $106 million by a group led by real estate executive Tod Spieker and his firm Spieker Cos., according to documents filed on Jan. 19 with the Santa Clara County Recorder's Office.
The apartment complex consists of 224 units, according to the Apartments.com website and has addresses ranging from 902 through 930 West Remington Drive and 902 through 930 Rockefeller Drive, county assessment records show.
The Spieker group also obtained a loan of $110 million from Northern Trust Co., a financial services firm, at the time of the purchase, according to the county real estate documents.
The complex is located in a city where a number of big tech companies operate, including Google, Apple, Amazon and Linkedin.
Cherryhill apartments was built in 1963 and has eight buildings that are each two stories.
Spieker Cos. has bought numerous apartment complexes in recent years. The acquisition of Cherryhill Apartments is one of the larger transactions completed by Spieker's firm.
Some of the other big apartment complex purchases in recent years:
• Platform Urban, a 551unit complex near San Jose's Berryessa BART station, was bought for $320 million in 2022.
• The Village Residences, a 330-unit apartment complex in Mountain View, was bought for $292 million in 2019.
• Park Hacienda, a 540-unit apartment property in Pleasanton, was bought for $248 million in 2020.
• Bell South City Apartments, a 260-unit complex in South San Francisco, was bought for $206 million in 2022.
• Sofi Waterford Park, a 432unit San Jose apartment center, was bought for $194 million in 2019.
• Eleanor Apartments, a 333unit Milpitas property, was bought for $193 million in 2022.
• The Lex, a 387-unit residential complex in San Jose, was bought for $180.5 million in 2019.
• The Rexford Apartments, a 204-unit Fremont property, was bought for $112.5 million in 2021.
The just-purchased Cherryhill Apartments has seven swimming pools, according to the Apartments.com site.
“Situated in a quiet residential neighborhood, Cherryhill Apartments is next door to De Anza Park and minutes from fine shopping, dining, and entertainment, as well as major employers,” according to a post on the site.