Charleston, South Carolina-based Greystar is making its Bay Area footprint a bit larger. The residential developer just purchased two sites in Santa Clara for $35 million in a transaction that closed late last month, according to a statement from the organization. The price was reported by the Silicon Valley Business Journal.
“Late last month, Greystar acquired a vacant 13.3 acre parcel on Freedom Circle in Santa Clara. We are excited to be a part of the Santa Clara community, and we are committed to working with the City to deliver a vibrant community. We look forward to sharing more information as our plans develop,” said Ali Warner, managing director at Greystar, Northern California and Pacific Northwest.
The specifics of the development were not available at this time, although preliminary concepts were submitted to the city in 2015. They were not advanced through the city for entitlement since then.
The location is located across the street from property owned by the Irvine Company located at 3900 Freedom Circle. Newport Beach-based Irvine had paid $135.6 million for the 12-building site in January of 2015. Also, less than half a mile away is the Great America Park and the Levi’s Stadium. The southern part of the land also abuts US Highway 101, the major thoroughfare of Silicon Valley.
Greystar has been an active multifamily owner across the region for years. It owns properties in Silicon Valley, East Bay, Peninsula and San Francisco. Earlier this month, a newly formed perpetual life fund, Greystar Growth and Income Fund, LP, led by Greystar Real Estate Partners and its initial founding capital partners, affiliates of APG Asset Management N.V., GIC, and Ivanhoé Cambridge, purchased Monogram Residential Trust in a transaction valued at approximately $3 billion, including debt to be assumed or refinanced. Monogram owned five Northern California properties, four in San Francisco and one in Santa Rosa.