Sand Hill Buying More Than Half Of East Palo Alto's Apartments From Equity Residential
Equity Residential plans to sell its Woodland Park apartments in East Palo Alto to an affiliate of Sand Hill Property Co in a deal that affects more than half of the city's multifamily rental housing.
Equity Residential bought Woodland Park, made up of more than 1,800 rent-stabilized units, for $130M in 2011. The company made $8.6M in upgrades. Terms of the sale to Sand Hill haven't been disclosed, according to the San Francisco Business Times.
Sand Hill and its financial partner (Abu Dhabi Investment Authority's US subsidiary) plan to make capital investments in the property, but do not have plans for redevelopment of the fully leased, fully stabilized property, says Sand Hill's Michael Kramer. [SFBT]