Orig Post bizjournals.com | Re-Post MNM Partners LLC. 12/17/2015
It’s good to own real estate near Sand Hill Road.
In what appears to be a record apartment sale on the Peninsula, Essex Property Trust has sold its Sharon Green Apartments in Menlo Park for $245 million, or $828,000 per unit, the company said Friday.
This is a big deal: the price per unit is the highest on the Peninsula listed in Real Capital Analytics’ database of apartment transactions, surpassing the next-highest deal by $165,000 per unit. ( That would be March 2015 sale of Mode by Alta to Land and Houses for $663,000 per unit.)
The blockbuster price illustrates the tremendous value of real estate in this part of Silicon Valley, an epicenter of venture capital and technology. Sharon Green Apartments is tucked just behind the VC-heavy office complexes of Sand Hill Road, the region’s priciest office street, and the Safeway-anchored Sharon Heights Shopping Center.
The buyer was an affiliate of Deutsche Asset & Wealth Management and Maximus Real Estate Partners.
The garden-style property at 350 Sharon Park Drive sits on 15.4 acres and consists of 296 units, according to title records. It was built in 1970.
Deutsche declined to comment. The transaction was arranged by Institutional Property Advisors, a division of Marcus & Millichap. Stan Jones, Phil Saglimbeni and Sal Saglimbeni were the lead brokers on the deal.