Housing is now the key amenity any employer in the Bay Area can possibly offer, and Stanford University is not sitting on the sidelines. In late April, the venerable Silicon Valley university paid $130.5 million, or roughly $781,437 per unit, to acquire the 167-unit Colonnade complex in Los Altos, according to public documents.
Colonnade is a recent development. It was completed in 2016 by Sares Regis Group of Northern California and its financial partner, Pritzker Realty Group. The complex is comprised of 100 one-bedroom and 67 two-bedroom apartments. It also includes 12,000 square feet of ground floor retail.
In the first quarter of 2015, before the complex was completed, Stanford University had pre-leased the entire development. At the time, it seemed like a bold move, but it signaled that the university saw value in the ability offer its staff housing in a region that is very short on affordable options. At the same time, the university has a long history of helping its employees with housing, and it had developed its own projects in the past in order to achieve those goals. The university, for instance, is putting finishing touches on its University Terrace development located at the edge of Stanford Research Park, on 17 acres on California Avenue in Palo Alto. It features 180 homes comprised of a mix of detached (58) and attached (10) homes, as well as 112 condominiums.
In 2012, The Registry covered the announcement that Sares Regis with its development partner Lennar Homes of California Inc. had secured permission from the city of Los Altos to build 205 town homes at the 4750 El Camino Real site. At the time, the development was planned for 167 luxury apartments and 38 for-sale town homes. Sares Regis had partnering with Chicago’s Pritzker Realty Group LLC on the equity portion of the financing for its apartment project, said Jeff Smith, a Sares Regis vice president at the time.
The project sits immediately across El Camino Real from the Village at San Antonio Center, a retail and mixed-use housing and shopping center.
Prices at the Colonnade range from $2,391 – $3,311 for one bedroom units and $3,458 – $4,396 for two bedroom units, according to the complex’s Web site. The apartment development offers a state of the art fitness center, a spa, a rooftop lounge with a bar and a fireplace and a club room with entertainment media and catering kitchen, amongst other amenities. Faculty, public safety officers employed by Stanford and staff employed by Stanford University or SLAC have first priority at the complex.