Rockpoint Group Pays $207M for Bay Area Property
Completed in 1964, community consists of more than 400 units.
The Villages at Cupertino, a 448-unit community in Cupertino, Calif., has changed hands. Rockpoint Group acquired the Bay Area asset for $207.2 million, according to The Registry, and took out a $182.1 million loan from Husky Finco.
Koret Foundation was the previous owner, Yardi Matrix information shows. In 2023, the firm purchased the 110-unit Valley Green II Apartments for $50.1 million and merged the asset with the company’s adjacent property, rebranding them as one community under the Villages at Cupertino name.
Completed in 1964, the property is at 20875 Valley Green Drive, less than 11 miles from San Jose Mineta International Airport. Downtown San Jose is within 10 miles east.
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The garden-style community consists of 47 one- and two-story buildings spread across 27 acres. The unit mix comprises studio, one-, two- and three-bedroom floorplans ranging between 504 and 1,331 square feet. Apartments also feature private balconies or patios.
Common-area amenities include a swimming pool, tennis and volleyball courts and outdoor grills. Additionally, the property has a fitness center, laundry facilities, more than 700 parking spaces and a kitchen cabana.
Bay Area sales remain steady
Bay Area’s multifamily transactions activity year-to-date as of March reached $397.4 million from the five communities—1,075 units—that changed hands, according to Yardi Matrix information. These figures are similar to those registered during the same period in 2024, when six assets—881 apartments—were sold for $400 million. However, the average price per unit dropped year-over-year from $481,312 to $369,674.
One of the properties that traded earlier this year in the area is 1889 Harrison St., a 224-unit community in Oakland, Calif. The Martin Group purchased the seven-story building for $61 million.
