The Villages at Cupertino, a major apartment complex in Cupertino, has been acquired by the Rockpoint Group for $207.2 million. This sale, completed amid varying trends in the Bay Area apartment market, indicates both resilience and weakness in property values. With 468 units, the per-unit cost of the property is approximately $442,735, slightly lower than the price paid by the Koret Foundation for part of the complex two years prior. Various factors, including financing of $182.1 million, contribute to this significant transaction in a historically expensive real estate sector.
The Villages at Cupertino was bought for $207.2 million, reflecting ongoing uncertainty in the Bay Area's property market despite signs of strength in multifamily residences.
The purchase price for Villages at Cupertino translates to about $442,735 per unit, which is 2.8% lower than the per-unit price paid by the Koret Foundation two years ago.
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