By Kate Snyder
A recent sale of an apartment complex for more than $100 million shows that Sunnyvale continues to attract attention from real estate investors. Cherryhill Apartments traded hands for $106 million, or approximately $473,214 per unit, according to the Silicon Valley Business Journal. The buyer was Spieker Companies, based in Palo Alto., 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, according to Apartments.com. Units feature carpeting and appliances such as refrigerators and dishwashers. Community amenities include laundry facilities, a business center, and a pool and sauna as well as nearby tennis courts.
The complex sits within the Sunnyvale West neighborhood, a large neighborhood that takes up the entire western portion of the city and offers businesses and job opportunities as well as schools, dining and entertainment. The property is in a central location in the neighborhood. Nearby attractions include Mango Park and De Anza Park as well as Serra Park, Las Palmas Park and Washington Park. San Francisco is approximately 40 miles north and San Jose is about 15 miles east of the site.
Spieker Companies is a Bay Area property management company that owns and manages apartment communities throughout the South Bay and Peninsula areas, according to the firm’s LinkedIn page.
The Koret Foundation is an organization dedicated to “strengthening the Bay Area community and nurturing the continuity of the Jewish people worldwide,” according to the group’s website.