By Meghan Hall
The Teachers Insurance and Annuity Association of America through Chicago-based Nuveen, its investment firm, closed on a deal to acquire Terra House. According to The Mercury News, the new owners paid $145.2 million in cash, or about $427,058 per unit, for the property.
Located at 4501 Snell Avenue, the complex has 340 units and last sold in 2015 for $124.3 million, or about $355,652 per unit, according to a 2016 report by Yardi Matrix. At the time, the buyer was LivCor, a Chicago-based multifamily real estate investment company.
According to a Greystar blog posted dating to October 2014, the property—previously known as Avana Skyway— features amenities such as a clubhouse complete with game room, regulation-sized pool table and an 80-inch flat screen. 3,000 square feet is devoted as a conference and work area. Other common amenities include a fitness center, pool, spa and grilling area. Greystar owned the property before LivCor, acquiring the site in 2012.
“Living at Avana Skyway can help you realize just how magical life at a luxury apartment community can be. And it’s not just our amenities, features and specialized team that make us unique,” Greystar stated in its post. “Our location plays a huge role as well. For instance, maintaining a lifestyle of healthy eating is easy. Avana Skyway is walking distance to both Trader Joe’s and Whole Foods Market.”
According to rental website Apartments.com, the property is a mix of studio, one-, two-, and three-bedroom units, with the largest units totaling up to 1,500 square feet. The property was originally constructed in 1991 and later renovated in January 2009. Rents for studios begin at around $1,700 per month, while three-bedroom units can cost up to several thousand on a monthly basis.
The acquisition follows the Nuveen’s decision to place several Bay Area assets on the market, including Place 55 Second Street, in San Francisco, which could draw as much as $425 million, as well as 400 Montgomery, which sold for $77.5 million to Intercontinental and Harvest Properties. Nuveen also sold the Township Apartments in Redwood City for $88.65 million in October of this year.