A property in Cupertino foothills has a new owner, but the buyer and the seller are old hands in multifamily investment across the region. San Mateo-based Prometheus Real Estate purchased the 94-unit McClellan Terrace apartment complex for $52 million, or $553,191 per unit. The seller was an entity associated with San Jose-based Doris S. Davis, according to public documents reviewed by The Registry.
McClellan Terrace is located at 7954 McClellan Rd., in Cupertino, just east of State Route 85. The property features 94 two-bedroom apartments that rent for $3,800 per month, according to the property’s website on apartments.com. The property also features amenities such as a pool, fitness center, laundry facilities and a playground. The complex was built in 1971.
Prometheus Real Estate is a San Mateo-based multifamily investment and development firm. The company operates across the West Coast and in addition to properties in the Bay Area, it also owns properties in Oregon and Washington. In total, the company owns 13,000 units in its portfolio across 56 neighborhoods, according to the company’s website. In addition, the company also has 2,600 apartments in the pipeline.
The property is already listed on Prometheus’ website where the company describes the property as a jewel comprised of garden-style apartment homes spread across 5.4 acres of expansive grounds.
Doris S. Davis is a San Jose-based private real estate investor. An entity that she controls recently sold another property recently, the 116-Unit Via Reggio Apartments in San Jose, as The Registry previously reported. Manassas, VA-based Klingbeil Capital Management purchased that property for $53.3 million, or $459,482 per unit.