Renovated for-rent townhome units in Silicon Valley sold for $865,000 per unit
(EDITOR’S NOTE: According to public documents, the buyer of the properties is an entity associated with Piedmont, Calif.-based Armen Tajirian.)
Mountain View, Calif. – Leading professional services and investment management company Colliers announced today the sale of two separate multifamily assets in Mountain View; Forest Glen and 300 Granada. The assets, two renovated townhome communities comprised of 38 Class A units, were sold together for a total sale price of $31,500,000. Forest Glen sold for $20,750,000, which is approximately $865,000 per unit, a Silicon Valley record for any traditional multifamily asset (over 6 units). 300 Granada sold for $10,750,000.
Colliers’ Northern California-based Institutional Capital Markets team led by Executive Vice Presidents Matt Kroger, Ryan Wagner and Brandon Geraldo represented the seller, Prometheus Real Estate Group, and procured the private buyer. Prometheus is one of the preeminent owners and operators of high-quality residential communities on the West Coast, serving over 30,000 residents in over 13,000 units.
With an average unit size of over 1,100 square feet per unit, Forest Glen and 300 Granada offer uniquely-spacious floorplans spread over two levels with new kitchens and bathrooms, attached garages, multiple outdoor patios and mature landscaping all in a low-density suburban setting within minutes of downtown Mountain View, Caltrain, and major technology employers at Microsoft, Apple, LinkedIn, Intuit, Symantec and Google. According to Colliers, the assets drew interest from both institutional and private investors who saw the value of Forest Glen and 300 Granada as more comparable to single-family-rental properties than traditional multifamily offerings.
“In a city dominated by for-sale townhome developments, Prometheus capitalized on the rare opportunity to acquire for-rent townhome communities from the 1970’s and redevelop them into Mountain View’s only Class-A rental townhomes,” said Kroger. “This rare combination has proven to be a highly-desirable work-from-home rental offering that has outperformed the broader Mountain View multifamily market throughout the pandemic.”
Located at 1-24 Forest Glen Street, Forest Glen is a four-building, 1.5-acre multifamily community comprised of 24 units and an exclusive pool. The units were originally built in 1978 and completely renovated in 2016. 300 Granada is located on 300 Granada Drive. The property’s 14 units are housed in three buildings and situated on .65 acres. The property was originally built in 1974. Renovations were completed in 2016.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.