CUPERTINO — A big apartment complex in Cupertino has been bought for hundreds of millions of dollars by a real estate titan in a deal that hints at uncertain Bay Area property markets.
The Villages at Cupertino, an apartment property on Valley Green Drive a few blocks from Apple’s former headquarters hub on Infinite Loop, was bought for $207.2 million, according to documents filed on April 2 with the Santa Clara County Recorder’s Office.
This deal was completed at a time of murky trends in the Bay Area apartment market. Some deals hint at a relatively robust multifamily residential sector while other transactions suggest feeble property values.
The just-bought Villages at Cupertino contains 468 apartments, according to the Apartments.com site.
This means the purchase price works out to about $442,735 a unit for Villages at Cupertino, which is near the interchange of Interstate 280 and De Anza Boulevard.
Rockpoint Group, acting through an affiliate, bought the Villages at Cupertino, the county property records show. Boston-based Rockpoint Group is a real estate private equity firm.
Koret Foundation, a nonprofit that acted directly and through an affiliate, sold the apartment complex to Boston-based Rockpoint Group.
In 2023, the Koret Foundation paid $455,455 per unit to buy 110 of the units in the complex at a total price of $50.1 million. A Koret affiliate already owned the other 358 units in the apartment complex at the time of that transaction.
On a per-unit basis, the price that the Rockpoint Group affiliate paid for this month’s transaction points to a per-unit value that is about 2.8% less than what was paid for the 110 units about two years ago.
At the time of the recent property purchase, the affiliate of Rockpoint Group obtained a loan of $182.1 million from
The Villages at Cupertino complex was built in 1964. The units are typically in two-story buildings, the site states.
Amenities include a pool, fitness center, outdoor lounge, barbecue stations and an outdoor kitchen.