Prometheus Seals Several Deals for Apartments, Retail, Totaling $77.2MM

By Meghan Hall

One of the largest private owners of multifamily properties in the Bay Area has expanded its portfolio in Sunnyvale, a key market in the region. In several transactions that closed at the end of July, Prometheus purchased the St. Francis Arms Apartments, the Willow Pond Apartments, and the Amber Circle Shopping Plaza for a combined $77.2 million. The previous owner of the properties was a private trust, affiliated with the Bellomo family, who has owned the properties for more than two decades.

The Mercury News was the first to report the sales.

The St. Francis Arms Apartments, located at 739 E. El Camino Real, features one- and two-bedroom apartments with open terraces. Community amenities include a fitness center, swimming pool, koi pond and garden space. Pricing for units starts at $1,850 per month.

“If a serene living experience is what you’re after, look no further. You’re already home,” states Prometheus’ website, which highlights St. Francis Arms. 

Prometheus also acquired the Willow Pond Apartments, at 825 Maria Lane. The two-story complex, which totals 52 units, was originally constructed in 1975. The complex is not yet listed on Prometheus’ website, but according to Apartments.com, units vary in size from 350 square foot studios to 1,770 square foot three-bedroom units. Pricing also varies between about $1,600 and $4,000 per month. A clubhouse, along with a fitness center, spa and furnished units, are some of the complex’s amenities. 

Prometheus also purchased the Amber Circle Shopping Plaza. The plaza is located at 717 E. El Camino Real and is a strip retail center. Public documents indicate that the property’s two buildings were both constructed in 1985; together, they total 35,840 square feet.

Prometheus, established in 1965, owns more than 30 multifamily properties across the San Francisco Bay Area, the majority of which are along the San Francisco Peninsula or in Silicon Valley. New additions to the firm’s portfolio also include the Trestle Apartments, in San Carlos, Calif., as well as The Dean Apartments, in Mountain View.

West Coast Commercial Real Estate News