PCCP Picks Up 251 Apartments in Santa Clara for $125M

PCCP has purchased a 251-unit apartment complex in Santa Clara for $125 million.

An unidentified affiliate of the Los angeles-based investor bought the six-story building at 3560 Rambla Place, SiliconValley.com reported. The seller was San Ramon-based Summerhill Homes Apartment Communities, which developed it in 2021.

The deal works out to $498,008 per unit.

The white and gray complex, known as Prado, contains a two-story fitness center, Olympic-size pool, game room, club rooms, co-working spaces and a pet spa, according to its website.

The sale shows how higher interest rates have impacted the multifamily market in Silicon Valley, pushing down prices, according to the Mercury News.

In 2019, the Village Residences in Mountain View sold for $963,700 per unit. Three years later, the Platform Urban Apartments near the Berryessa BART station in San Jose sold for $575,506 a unit.

More recent sales have pushed unit prices lower. The 124-unit Villa del Sol apartments in Sunnyvale sold for $62.3 million, or $502,400 a unit. Diridon West, a 249-unit complex in Downtown San Jose, sold for $117.5 million, or $471,900 a unit.

And the 168-unit Modera the Alameda in Downtown San Jose sold for $78.2 million, or $465,500 a unit, according to the newspaper.

PCCP, founded in 1998 by Aaron Giovara, William Lindsay and Donald Kuemmeler, has offices in L.A., New York, San Francisco and Atlanta. Last September the investment firm had assets of $23.1 billion under management, according to its website.

— Dana Bartholomew