SAN RAMON, Calif., March 8, 2024 /PRNewswire/ -- SummerHill Apartment Communities announced today that it has sold Prado Apartments, a 251-unit transit-oriented multifamily community located in Santa Clara, CA for $125 million. The site was sold to PCCP of San Francisco, CA and Alliance Residential Company of Scottsdale, AZ.
The sale recorded on February 27, 2024 and the new owner received the property fully stabilized. Located at 3560 Rambla Place, Prado is a seven-story building comprised of 251 residential units that include both one and two-bedroom apartments that was completed in 2021 and is part of the Nuevo master-planned community which SummerHill also developed.
"PCCP and Alliance are world-class real estate operators, and we are excited to see what's next in store at Prado within this fantastic transit-oriented development," said Doug McDonald, President of SummerHill Apartment Communities.
With 600+ additional units under construction in Santa Clara, SummerHill is continuing to provide much needed housing in the area. "We love Prado and believe Santa Clara will continue to be a very strong apartment rental market and we are thrilled to continue working with the City of Santa Clara to provide new housing," added McDonald.
Located adjacent to Lawrence Expressway, Prado is minutes from the Caltrain Lawrence Station and easily accessible to San Jose Mineta Airport. Current and future residents have unrivaled access to Silicon Valley's technology hub, home to Apple, Nvidia, Google, and many of the largest technology companies in the world. Situated within the Nuevo master planned community, Prado is surrounded by multiple parks and recreation as well as a community center.
KTGY Group, who SummerHill has partnered with on previous projects in the Bay Area, is the architect of record.
About SummerHill Apartment Communities
SummerHill Apartment Communities (SHAC) is a leading multifamily developer on the West Coast. As a subsidiary of The Marcus and Millichap Company, SHAC draws upon experience gathered throughout the years while developing over 5,000 units in a wide range of West Coast markets focusing primarily on the San Francisco Bay Area, Southern California, and the Pacific Northwest. SHAC's expertise and focus on acquisitions, entitlements, design, and construction is the guiding force behind each one of our successful projects.
Our team adapts to the diversity of our markets with creative instincts, an enterprising vision, and a commitment to the core values that guide our decision-making and define our culture. We believe that by encouraging personal and professional growth, our team exceeds expectations.
The developments created by SummerHill are an integral part of our communities. It is important for us to improve urban settings, preserve the environment, and cultivate the beauty of our surroundings. Smart housing growth offers more than just shelter, it enhances neighborhoods and lifestyles.
Contact:
Alvaro Leiva
SVP
(925) 244-7514
[email protected]
SOURCE SummerHill Apartment Communities
Share this article