(EDITOR’S NOTE: According to public documents TH Real Estate paid $107.25 million, or $576,612 per unit, for the newly developed project. The seller was San Ramon-based SummerHill Apartment Communities.)
TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has acquired Villas on the Boulevard, a multifamily community located at 2615 El Camino Road in Santa Clara, California. The purchase price remains undisclosed.
The investment is a Class A, newly constructed mid-rise multi-family community located in the epicenter of the tech industry with high walkability to retail and dining options scattered along the El Camino Real commercial corridor. Area lifestyle centers and entertainment options include Santana Row, Murphy Avenue in downtown Sunnyvale, Castro Street in downtown Mountain View, and the new Sunnyvale Town Center redevelopment. Constructed in 2017, Villas on the Boulevard comprises 186 residential units and offers luxurious interior finish and high-quality community amenities.
“With close proximity to local transportation hubs, Villas on the Boulevard provides residents access to entertainment and cultural centers throughout the region, including highly regarded employers within minutes of the property,” said Terry Senger, Senior Director at TH Real Estate, Americas. “Located strategically in the heart of Silicon Valley, the asset offers a unique and compelling investment that aligns with both current and long term technology trends.”
TH Real Estate manages approximately $10bn of multifamily housing assets globally, focusing on rental housing investments in demand-driven markets. TH Real Estate’s US multifamily housing investment platform serves numerous funds and mandates and has 32,000 units in urban luxury, workforce and student housing assets under management.
About TH Real Estate
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with $109bn in AUM. Managing a suite of funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, we provide access to every aspect of real estate investing. With over 80 years of investing experience, and more than 530 real estate professionals located across 22 cities throughout the US, Europe and Asia-Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
Our investment, asset management and corporate strategies grow from a deep understanding of the structural trends that we believe will shape the future of real estate and responsible investing beyond market cycles. This ‘Tomorrow’s World’ approach sits at the core of our investment process and business operations, informing our long-term view of real estate investments for the enduring benefit of both clients and society.