A joint venture of PCCP LLC and Alliance Residential acquired a 251-unit apartment community in Santa Clara for $125M.
The community, called Prado, is a seven-story Class-A apartment building offering one- and two-bedroom units.
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Amenities include a pool, a spa, a two-story fitness center, lounges and barbecue areas.
The property, which is at 3560 Rambla Place, was built by SummerHill Apartment Communities and delivered in April 2021. The purchase price works out to $498K per unit.
Prado is part of a 27-acre master-planned community that includes rental and for-sale residential properties with shared amenities. The property is close to Big Tech employers including Google, Apple, Intel and Nvidia.
PEOPLE
Clarke Funkhouser joined JLL in the firm’s Menlo Park office as the senior managing director. Funkhouser joins JLL after nearly 25 years at Cushman & Wakefield, where he was most recently executive managing director.
SALES
CBRE has arranged the sale of a nearly 50K SF warehouse and cold storage facility from Multiple Organics to a Sutter Health entity. The property is in the East Bay city of Hercules at 200 Linus Pauling Drive.
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LEASES
International law firm Dechert LLP leased a larger office space in San Francisco to accommodate its growth. The firm signed a six-year lease for 19K SF at 45 Fremont St.
THIS AND THAT
The mixed-use building at 345 California St., a newly renovated Class-A property reaching 48 stories in San Francisco’s Financial District, earned Fitwel two-star and LEED Platinum ratings. Metropolis Investment Holdings owns the property.
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