Prometheus Real Estate Group Plans 225-Unit Multifamily Project in Sunnyvale

By Jack Stubbs

San Mateo-based Prometheus Real Estate Group, a company that invests in multifamily properties throughout the Bay Area, Seattle and Portland, has another proposed development slated for Sunnyvale.

The proposed development, located at 1150-1170 Kifer Road and sitting on a roughly 5.8-acre parcel, entails the construction of an eight-story, 225-unit apartment property with an above-ground parking structure across three stories.

An existing surface parking lot at the rear of two existing office buildings – which, according to Google Maps, is home to manufacturer Osram Opto Semiconductors Inc. – would be demolished as part of the project plans.

The project sits at the intersection of Kifer Road and Lawrence Expressway, which connects to State Route 82 to the South and Interstate 101 to the North.

It is not entirely clear when construction on the project will begin. Most recently, a community outreach meeting was held in mid-December 2022, and a Planning Commission study session took place on Jan. 9 earlier this year.

Were it to be approved as planned, the development on Kifer Road would add to Prometheus Real Estate Group’s already-extensive portfolio of multifamily properties in Sunnyvale. Some of these include Ironworks Apartments located at 457 E Evelyn Ave.; Kensington Place Apartments at 1220 N Fair Oaks Ave.; and the Parallel Apartments at 1141 W Olive Ave.

Over the last few quarters, Sunnyvale has seen a handful of multifamily development proposals as well as transactions, suggesting that the city remains a desirable place to invest. 

Most recently, on Jan. 23, Spieker Companies, a Palo Alto-based property management company, spent $106 million, or approximately $473,214 per unit, to acquire the 224-Unit Cherryhill Apartments. The seller of the asset was Koret Foundation, a nonprofit organization based in San Francisco.

West Coast Commercial Real Estate News