The Koret Foundation purchased a 110-unit apartment complex in Cupertino for $50.1 million.
The San Francisco-based nonprofit purchased the 55-year-old complex at 20800 Valley Green Drive, not far from Apple’s former headquarters, According to the Silicon Valley Business Journal.
The seller is Hartford, Connecticut-based TPG Equity REIT Operating Partnership, which bought the complex in 2008 for $26.2 million. The transaction was completed through UBS Realty Investors acting as investment advisor.
The price is $455,454 per unit.
Built in 1968, the apartments sit on 5.3 acres less than a mile west of Apple’s Infinite Loop campus.
The sale comes about five months after Koret, a Jewish charity dedicated to causes in the Bay Area and Israel, sold an old apartment complex in Sunnyvale for $106 million.
In February, Koret bought a 102-unit apartment complex in South San Francisco for $48 million, or $470,500 a unit.
While Silicon Valley’s commercial real estate market struggles, multifamily sales remain strong, according to Business Journal.
April, Taylor Morrison Paid out $57.4 million Planned redevelopment of a mountain view apartment complex.Griffith Residential Investments Purchased a newer Milpitas complex Located near KLA headquarters, it cost $153.5 million to build.
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— Dana Bartholomew
