By Meghan Hall
Brookfield Property Group, a national real estate investment and management firm, has made a big buy in Mountain View. According to The Mercury News, who first reported the transaction, Brookfield purchased The Village Residences, a luxury apartment complex, for $292 million. The Village Residences were originally developed in a joint venture by Merlone Geier Partners and Carmel Partners.
Located at 545, 555 and 565 S. Antonio Road, the transaction included the three-building apartment complex, which is also home to 43,000 square feet of ground floor retail. Shops and restaurants that call The Village Residences home include Veggie Grill, Pacific Catch and Lux Beauty Salon.
The units themselves feature stainless steel appliances, quartz countertops, wood-style flooring and modern cabinetry. Most units also include private balconies and moveable kitchen islands, according to Carmel Partner’s website. Community amenities include a resort-style pool and spa, an outdoor sports bar with a multiple televisions and grills. A two-story fitness center and separate yoga and group fitness space is also part of the development, as is a library coffee bar and lounge.
Adjacent to the property acquired by Brookfield is a second project by Merlone Geier and Carmel, who plan to develop 400,000 square feet of Class A office space, a 167-key business class hotel, a ten-screen theater and an additional 90,000 square feet of restaurant space and retail.
The property is an easy walk to Caltrain and Mountain View’s top employers, including Facebook, Google, Yahoo, Stanford and LinkedIn.
The sale of The Village Residences is one of the biggest apartment sales of the year thus far, and well-positioned multifamily properties continue to garner top-dollar across the San Francisco Bay Area. In July, San Mateo, Calif.-based Essex Property Trust paid $164 million, or just under $550,000 per unit, to acquire the 300-unit Brio apartment complex in Walnut Creek, Calif. The property had last sold in 2015, when an entity associated with Pacific Urban Residential, a Palo Alto-based multifamily investment company, acquired the asset for $44.2 million, according to public records.
In an even larger transaction, which closed in June of this year, Equity Residential purchased The Lex apartments in San Jose for $180.5 million at 5560 Lexington Ave. The seller of the 4.69-acre property was ROEM Development Corporation. Rents at the complex start at $2,490 per month, according to Equity Residential’s website.