JV Acquires Prado Apartments in Santa Clara for $125M
SummerHill Apartment Communities sold the property.

The property includes 251 units. Image courtesy of SummerHill Apartment Communities
PCCP and Alliance Residential Co. have purchased Prado Apartments in Santa Clara, Calif., from SummerHill Apartment Communities in a $125 million deal.
Situated at 3560 Rambla Place, Prado Apartments is a seven-story, 251-unit transit-oriented property that is part of the Nuevo master-planned community, also developed by SummerHill. The building features one- and two-bedroom apartments measuring from 656 to 1,293 square feet.
Units include hardwood floors, in-unit washers and dryers, island kitchens, granite countertops and high-speed Internet. A coworking space is among the common-area amenities. Occupancy at time of sale stood at 93.6 percent.
Transportation and employment
Prado Apartments provides easy access to San Jose Mineta Airport, the Lawrence Expressway and the Caltrain Lawrence station. Employment hubs in the immediate area include Silicon Valley’s technology nexus, home to Apple, Nvidia, Google and many other household-name technology firms. Nearby are multiple parks and recreation areas, including Sunnyvale Baylands Park, Live Oak Park, Ulistac Natural Area and Alviso Marina County Park.
The community is within a 15-minute drive from several institutions of higher education, including Santa Clara University, San Jose City College and De Anza College. San Jose Mineta International Airport is less than 10 minutes away, while San Francisco International Airport is approximately 40 minutes away. Three major shopping centers, including Monticello Village and The Shops at Lawrence, are within about 15 minutes. The architect of record is a firm with which SummerHill has partnered in the past on multiple Bay Area developments, KTGY Group. Last month, a groundbreaking was held for Bay Area affordable development Colibri Commons in East Palo Alto.