By Meghan Hall
A Sunnyvale apartment complex slated for redevelopment has been purchased by SummerHill Homes, one of the region’s largest for-sale home builders. The Landmark, a 130-unit complex, sold for $58 million, or about $446,000 per unit, according to The Mercury News, who first reported the deal. The seller was Palo Alto, Calif.-based Pacific Urban Residential.
Located at 925 S. Wolfe Road, The Landmark was originally constructed in 1974 and is comprised of seven, two-story buildings on a 5.47-acre lot. The existing structures would be demolished to make way for SummerHill’s new project, which was approved by the Sunnyvale officials in the fall of 2019.
SummerHill plans to build 117 condominium units on the site, according to public documents detailing the project. Units will be a mix of two-, three- and four-bedroom homes ranging in size from about 1,100 square feet to just over 2,000 square feet. It is unclear what the pricing will be for the units, and SummerHill’s timing for their delivery.
SummerHill has a number of other communities in the works throughout the Bay Area, according to its website. Its latest projects include Portico, in Mountain View, which will feature three- to four-bedroom homes. Not far away, it is also building Montecito. Ranging between two- to four-bedrooms in pricing for two-bedroom units will begin at $1.4 million. Three-bedroom and four-bedrooms will start around $1.7 million and $1.8 million, respectively.
Over its 40-year history, SummerHill has developed more than 70 communities and 5,000 single-family homes, condominiums, townhomes and apartment units. It is one of eight companies founded by Marcus and Millichap Company, and operates alongside SummerHill Apartment Communities and SummerHill Housing Group.
Pacific Urban Residential, the seller of The Landmark, was also founded by and operates under Marcus and Millichap. The research-based apartment investor traditionally aims to preserve “vintage” multifamily communities, according to its website. Since its founding in 1998, it has acquired more than 17,000 apartment units, assets which are valued at over $3 billion.