By Kate Snyder
Palo Alto’s multifamily properties are still appealing to investors with the recent sale of an apartment complex on the city’s southeast side. The Midtown Court Apartments was sold for $20 million, or about $333,333 per unit, according to public property records. The buyer was a group affiliated with real estate investor Tod Spieker and the Spieker Living Trust. The seller was an entity affiliated with Midtown Court Associates in Palo Alto.
The property is located at 2721 Midtown Court and consists of 60 apartments in a three-story building that was constructed in 1963, property records show. The structure totals 44,196 square feet and sits on 1.6 acres. According to Apartments.com, the building offers a mix of one-, two- and three-bedroom units with amenities such as balconies, recycling services and more.
Palo Alto’s Midtown is just minutes from Stanford University, and the property is near several outdoor spaces such as Hoover Park, Henry Seale Park and Greer Park. Other close attractions are the Palo Alto Junior Museum and Zoo, Stanford Stadium, the Palo Alto Municipal Golf Club and the Palo Alto Airport. Several major companies have offices in the city as well, such as Tesla and Google.
Throughout the Bay Area, Spieker’s affiliates have long been active in investments.
Earlier this year in Sunnyvale, Cherryhill Apartments traded hands for $106 million, or approximately $473,214 per unit. The buyer was Spieker Companies, a Bay Area property management company of which Spieker serves as president, and the seller was Koret Foundation, a nonprofit organization based in San Francisco. Located in the heart of Silicon Valley at 902 through 930 West Remington Drive and 902 through 930 Rockefeller Drive, the 224-unit complex was built in 1963 and offers a mix of one-, two- and three-bedroom apartments.