"The just-bought Sunnyvale housing property is at 870 and 874 East El Camino Real in Sunnyvale and was purchased for $76.9 million, according to documents filed on Jan. 9 with the Santa Clara County Recorder's Office. The new owner of the 184-unit Sunnyvale apartment hub is a group affiliated with New Jersey-based PGIM, the global investment management unit of life insurance company Prudential Financial, and Bay Area-based Interstate Equities Corp. The seller of the Sunnyvale residential complex was Singapore-based Mapletree, the county records show."
"On Jan. 6, Mapletree sold a 149-unit Mountain View apartment complex about four miles away, also on El Camino Real, for $87 million, county documents show. As was the case with the Sunnyvale property, the buying group in the Mountain View apartments transaction was an affiliate headed up by PGIM and Interstate Equities, according to public documents. The Mountain View apartment complex was bought at a price that equates to $583,900 a unit. The Sunnyvale residential hub fetched a price of $417,900 a unit."
A 184-unit apartment complex at 870 and 874 East El Camino Real in Sunnyvale sold for $76.9 million, with documents filed Jan. 9 in Santa Clara County. The buyer group is affiliated with New Jersey-based PGIM and Bay Area-based Interstate Equities; the seller was Singapore-based Mapletree. A Mapletree affiliate previously paid $69.5 million for the property in 2014. Days earlier, Mapletree sold a 149-unit Mountain View complex for $87 million to an affiliate led by the same buyers. The Mountain View sale equates to $583,900 per unit versus $417,900 per unit for Sunnyvale.
Read at www.mercurynews.com
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