South Bay Luxury Community Sells for $107M
TH Real Estate has acquired a newly constructed 186-unit asset located in Santa Clara, Calif. Designed by KTGY Architecture + Planning, the property came online in the spring of 2017.
TH Real Estate, an affiliate of Nuveen—the investment manager of TIAA—has purchased Villas on the Boulevard, a 186-unit, class A property in Santa Clara, Calif. SummerHill Apartment Communities sold the property for $107.3 million, Yardi Matrix data shows. The property, designed by KTGY Architecture + Planning, broke ground in 2014 and was completed during the spring of 2017.
Located at 2615 El Camino Road, the property is in the heart of the tech industry and provides access to various shopping and dining options, such as Santana Row, Murphy Avenue in downtown Sunnyvale, Castro Street in downtown Mountain View and the Sunnyvale Town Center redevelopment. The community comprises a mix of one- and two-bedroom apartments averaging 911 square feet. The average rent was $3,140 as of April, Yardi Matrix data shows.
“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, in prepared remarks. “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.”
Image courtesy of Th Real Estate