Taylor Morrison Inc. has picked up a 70-unit apartment complex approved for redevelopment in Mountain View for $57.4 million.
The Arizona-based real estate investor bought the aging Mountain View Gardens at 570 South Rengstorff Avenue, the Silicon Valley Business Journal reported. The sellers were Richard Tod and Catherine Spieker.
In 2021, the City Council narrowly approved a plan by Palo Alto-based Spieker Companies to tear down the two-story complex and replace it with 85 row homes.
The 4.1-acre development of 11 buildings just north of Rengstorff Avenue’s intersection with El Camino Real would feature a row of single-family homes attached to one another by shared walls.
The controversial plan proposed by DeNardi Homes would replace rent-controlled apartments built in 1959 that served lower income residents with homes expected to sell for $1.2 million.
Councilmembers reportedly felt they had little choice but to approve the plan because newer state laws barred them from blocking developments that comply with zoning rules.
Spieker and DeNardi appear to have made little progress on the plan since Mountain View approved it, according to the Business Journal.
As of January, the apartments were boarded up and surrounded by a chain link fence, according to photos on Google Maps. When the Business Journal visited this week, little work appeared to have been done to the property.
It’s not clear if Taylor Morrison wants to move forward with Spieker and DeNardi’s plan.
The Scottsdale firm, a developer of both multifamily and single-family homes, has at least two housing projects in the South Bay — the Ov8tion townhomes in Sunnyvale and the Arroyo Village condominiums in Cupertino, according to its website.
The property sale comes a little more than two months after Spieker Companies paid $106 million for a 71-year-old apartment complex in Sunnyvale.
In February, Spieker sold a 102-unit apartment complex in South San Francisco for $48 million.
— Dana Bartholomew
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