A San Mateo-based real estate investment firm paid $62.25 million for a 20-year-old apartment complex near Downtown Sunnyvale.
Acacia Capital Corp. purchased the Villa Del Sol Apartments on Thursday from Palo Alto’s Pacific Urban Investors, according to records filed with the Santa Clara County Clerk-Recorder’s Office. Acacia paid about $502,016 dollars per unit for the 124-residence complex, according to those records and data from Reonomy, which maintains a commercial real estate database.
Representatives of Acacia and Pacific Urban did not immediately respond to a request for comment.
As part of the transaction, Acacia took out a $32.5 million loan from Fannie Mae via CBRE Multifamily Capital Inc., a branch of real estate brokerage CBRE Group Inc., according to the records filed with the county.
Built in 2001 and located at 295, 355 and 395 E. Evelyn Ave., just east of its intersection with South Sunnyvale Avenue, Villa Del Sol is a three-story, two building complex. Each structure is shaped like the numeral eight, with a pair of court yards surrounded by apartments on all sides. It’s located about a block from South Murphy Avenue — Downtown Sunnyvale’s Main Street — and about two blocks from CityLine, a massive mixed-use redevelopment project that includes multi-family housing, offices, a movie theater and retail space.
The deal comes about a year after Pacific Urban paid nearly $51 million for a smaller, older apartment complex in Palo Alto. Three years ago, the firm sold The Landmark Apartments in Sunnyvale for $58 million.
Even as sales of office and other commercial properties in Silicon Valley have dried up amid elevated interest rates and high vacancy rates, a healthy market for multifamily residential properties has remained. In September, for example, The James, a six-story, 190-residence apartment building in Downtown San Jose, sold for $74.25 million.
