SUNNYVALE — A big Sunnyvale apartment homes complex has been bought for more than $100 million by a veteran real estate investor in a sign of ongoing interest in prime Silicon Valley properties.
Cherryhill Apartments in Sunnyvale was bought for $106 million by a group led by real estate executive Tod Spieker and his firm Spieker Cos., according to documents filed on Jan. 19 with the Santa Clara County Recorder’s Office.
The apartment complex consists of 224 units, according to the Apartments website and has addresses ranging from 902 through 930 West Remington Drive and 902 through 930 Rockefeller Drive, county assessment records show.
The Spieker group also obtained a loan of $110 million from Northern Trust Co., a financial services firm, at the time of the purchase, according to the county real estate documents.
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The complex is located in a city where a number of big tech companies are located, including Google, Apple, Amazon and LinkedIn.
Cherry Hill apartments was built in 1963 and has eight buildings that are each two stories.
Spieker Cos. has bought numerous apartment complexes in recent years. The acquisition of Cherryhill Apartments is one of the larger transactions completed by Spieker’s firm.
Cherryhill Apartments has seven swimming pools, according to the Apartments website.
“Situated in a quiet residential neighborhood, Cherryhill Apartments is next door to De Anza Park and minutes from fine shopping, dining, and entertainment, as well as major employers,” according to a post on the Apartments website.