“The two greatest constraints we face are budget and available space and rarely do both align perfectly. Sometimes we have the square footage but not the budget to fully utilize it; other times the budget is there, but the space is limited in layout, functionality, or size. That tension has shaped how RREAF approaches fitness design across multiple recent projects.”
SANTA CLARA - A South Bay apartment complex has been bought for more than $180 million in a deal that produced a healthy price using a key benchmark to measure values of residential hubs. Sofia, a residential complex in Santa Clara, has been bought for $183 million, documents filed on Jan. 9 with the Santa Clara County Recorder's Office show. San Mateo-based Acacia Capital, acting through an affiliate, bought the 287-unit, seven-story apartment complex, according to the county records.
An apartment complex in Sunnyvale was bought for more than $140 million in a deal that points to ongoing weakness in the region's multifamily real estate sector. Essex Property Trust purchased the 200-unit apartment hub at 1250 Lakeside Dr. for $143.5 million, according to documents filed on Nov. 25 with the Santa Clara County Recorder's Office. San Mateo-based Essex Property is one of the nation's largest real estate investment trusts. Commercial real estate firm Colliers handled the transaction.
"Multifamily real estate is a $2.5 trillion asset class, yet it captures only a fraction of the $10 trillion living economy around it," Or Bokobza, cofounder and CEO of Venn, said in a statement.
