A Palo Alto apartment management company on Thursday paid $106 million for an older apartment complex in southern Sunnyvale.
Spieker Companies purchased the Cherryhill Apartments from the Koret Foundation, a San Francisco nonprofit organization, according to documents filed with the Santa Clara County Clerk-Recorder's Office. As part of the acquisition, which it made through an affiliated company, Spieker took out a $110 million loan from The Northern Trust Company, according to the documents filed with the county.Located from 902 to 930 W. Remington Dr. and from 902 to 930 W. Rockefeller Dr.
Koret, a Jewish philanthropy that supports causes in the Bay Area and in Israel, purchased the property in 1980, according to Reonomy. The complex, which appears to have been recently renovated, offers 1-, 2- and 3-bedroom apartments. Current asking rents range from $2,295 for a large one-bedroom to $3,625 for a three-bedroom, two-bathroom apartment.
The sale is the latest in a string of deals involving older apartment complexes. In October, a separate Palo Alto real estate firm
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