Koret Foundation Sells 468-unit Cupertino Property for $207M

A foundation tied to the former Koret of California apparel firm has sold a 468-unit apartment complex in Cupertino for $207.2 million.

The San Francisco-based Koret Foundation sold The Villages at Cupertino at 20875 Valley Green Drive, near Interstate 280 and De Anza Boulevard, the San Jose Mercury News and Silicon Valley Business Journal reported. The buyer was Boston-based Rockpoint Group.

The deal works out to $442,735 per unit, 2.8 percent less than a part of the complex sold for two years ago. At the time of purchase, Rockpoint landed a loan from Husky Finco for $182.1 million.

Koret bought 110 units within the 27.1-acre complex in June 2023 for $50.1 million, or $455,455 per unit. Koret already owned the other 358 units.

The Village at Cupertino, built in 1964 near Apple’s former hub on Infinite Loop, contains two-story buildings with 468 units, according to Apartments.com. It has a pool, fitness center, and an outdoor lounge with a kitchen and barbecue stations.

Rents for studio to three-bedroom apartments range from $1,704 to $4,200 a month, according to Apartments.com.

Other recent multifamily deals include Interstate Equities Corporation’s purchase of Summerwood Apartments in Santa Clara for $203 million and Acacia Capital Corporation’s purchase of Franklin 299 Apartments in Redwood City for $184 million, according to the Business Journal.

Koret, a Jewish philanthropy that supports community building across the Bay Area, was established by the Koret family, which in 1939 created Koret of California. The company, known for permanent press fabrics such as Koratron along with sportswear, formal attire and separates, was acquired in 1979 by Levi Strauss.

In early 2023, it sold an older Sunnyvale apartment complex for $106 million, according to the Business Journal.

— Dana Bartholomew