Big Sunnyvale apartment complex sold in $60 million-plus deal
Investors still scouting for residential projects despite uncertain economy
By George Avalos | Bay Area News Group | PUBLISHED: November
SUNNYVALE — A big apartment complex in Sunnyvale has been bought by a veteran group of Bay Area real estate investors in a deal that tops $60 million.
The property at 355 East Evelyn Ave. in Sunnyvale sold for slightly under $62.3 million, according to documents filed Thursday with the Santa Clara County Recorder’s Office.
San Mateo-based Acacia Capital, acting through an affiliate, bought the Villa del Sol apartment complex from Pacific Urban Investors, a unit of commercial real estate firm Marcus & Millichap, the county property records show.
The residential complex at the corner of East Evelyn Avenue and South Sunnyvale Avenue has 124 units in two buildings, according to the Rent Cafe website.
Amenities include a 24-hour fitness center, a spa, a hot tub, a pool and courtyards. The apartments are within walking distance to Caltrain and restaurants.
The buyer is primarily interested in purchases of multifamily properties, according to the company’s website. “Acacia has extensive experience owning and operating apartments in all major markets in the Western U.S.,” Acadia Capital states in a web post.
The company’s target markets are the Bay Area, Northern California, Southern California, Seattle, Phoenix, Portland, Salt Lake City and Las Vegas, Acadia Capital stated.
The deal is a reminder that residential properties in Silicon Valley and other parts of the Bay Area can still entice buyers despite ongoing economic uncertainties.
Full article : https://www.mercurynews.com/2023/11/17/sunnyvale-house-home-apartment-real-estate-build-develop-buy-economy/