SANTA CLARA, CA - SummerHill Apartment Communities announced that it has sold Prado Apartments, a 251-unit transit-oriented multifamily community located in Santa Clara, CA for $125 million. The site was sold to PCCP of San Francisco, CA and Alliance Residential Company of Scottsdale, AZ.
Located at 3560 Rambla Place, Prado is a seven-story building comprised of 251 residential units that include both one and two-bedroom apartments that was completed in 2021 and is part of the Nuevo master-planned community which SummerHill also developed.
"PCCP and Alliance are world-class real estate operators, and we are excited to see what's next in store at Prado within this fantastic transit-oriented development," said Doug McDonald, President of SummerHill Apartment Communities.
With 600+ additional units under construction in Santa Clara, SummerHill is continuing to provide much needed housing in the area. "We love Prado and believe Santa Clara will continue to be a very strong apartment rental market and we are thrilled to continue working with the City of Santa Clara to provide new housing," added McDonald.
Located adjacent to Lawrence Expressway, Prado is minutes from the Caltrain Lawrence Station and easily accessible to San Jose Mineta Airport. Current and future residents have unrivaled access to Silicon Valley's technology hub, home to Apple, Nvidia, Google, and many of the largest technology companies in the world. Situated within the Nuevo master planned community, Prado is surrounded by multiple parks and recreation as well as a community center.
KTGY Group, who SummerHill has partnered with on previous projects in the Bay Area, is the architect of record.
Source: SummerHill Apartment Communities