Spieker Companies paid $106 million for an apartment complex in Sunnyvale, in one of the biggest recent multifamily trades in Silicon Valley, property records show.
Koret, a Jewish philanthropy that supports causes in the Bay Area and in Israel, purchased the property in 1980.
Cherryhill Apartments is located at 902-930 West Remington Drive and 902-930 Rockefeller Drive. The complex consists of 224 units and was built in 1963. The one-, two- and three-bedroom units are spread through eight two-story buildings. Amenities include laundry facilities, a business center, and a pool and sauna as well as nearby tennis courts.
Current asking rents range from $2,295 for a one-bedroom to $3,625 for a three-bedroom. The apartment complex is located within a 10-minute drive from the Apple, Google and Linkedin headquarters.
The price for Cherryhill was significantly more, in terms of total amount, than many other recent transactions in the Peninsula. However, there were other deals per unit that were comparable or more. An entity advised by Zurich Insurance’s real estate subsidiary paid $53 million to acquire nearly 100 apartments in Santa Clara. The deal was valued at higher per unit, at $576,000 for the 92-unit property.
Another $53 million deal happened in San Jose when Klingbeil Capital Management acquired the Via Reggio Apartments for about $459,000 a unit. In a similar deal, multifamily investment firm Security Properties and affordable housing nonprofit Hearthstone Housing Foundation jointly paid about $41 million to acquire more than 100 units of low-income senior housing.