Windy Hill Property Ventures and the Sobrato Family Foundation have paid a combined $75.6 million in separate deals for two aging apartment complexes in Santa Clara.
An affiliate of Tod Spieker of Windy Hill, based in Palo Alto, paid $49.5 million for the 140-room Normandy Park Apartments at 48 and 50 Washington Street, the San Jose Mercury News reported.
The Sobrato foundation, based in Mountain View, also paid $26.1 million for the 68-unit Vista Pointe Apartments at 3455 Homestead Road.
The seller of both complexes was an affiliate led by Milton Levin of Cambridge Property Management, based in Santa Clara. Both apartment complexes were built in the 1960s.
Windy Hill, co-founded by Spieker and Jamie D’Alessandro in 2005, has invested in both multifamily and commercial real estate.
In May 2022, the developer was approved to build a 111-unit, 269,000-square-foot apartment and office complex at 500 E. 3rd Avenue in San Mateo. At the same time, it sold a 16,000-square-foot office building in Downtown Palo Alto for $36 million.
The Sobrato Family Foundation, a unit of Sobrato Philanthropies, is a charity for the Mountain View-based Sobrato Organization, a leading Bay Area developer that doled out $92 million to nonprofits in 2021.
The foundation, the primary grantmaker for Sobrato Philanthropies, claimed $577 million in assets in 2020, according to the last known tax filing.
The Sobrato Organization has developed nearly 24.5 million square feet of office, R&D and multifamily real estate. Its portfolio contains 7.5 million square feet of office and R&D space, plus 30 apartment complexes in the Bay Area, according to its website.
— Dana Bartholomew
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