Koret Foundation Buys 110 Apartments in Cupertino for $50M

The Koret Foundation has picked up a 110-unit apartment complex in Cupertino for $50.1 million.

The San Francisco-based nonprofit bought the 55-year-old complex at 20800 Valley Green Drive, not far from Apple’s former headquarters, the Silicon Valley Business Journal reported.

The seller was TPG Equity REIT Operating Partnership, based in Hartford, Conn., which bought the complex in 2008 for $26.2 million. The deal was made through UBS Realty Investors, which served as investment advisor.

The price came out to $455,454 per unit.

The apartments, built in 1968, sit on 5.3 acres less than a mile west of Apple’s Infinite Loop campus.

The sale comes some five months after Koret, a Jewish charity for causes in the Bay Area and in Israel, sold an older Sunnyvale apartment complex for $106 million.

In February, Koret bought a 102-unit apartment complex in South San Francisco for $48 million, or $470,500 per unit.

While Silicon Valley’s commercial real estate market has floundered, sales of multifamily residential properties remain robust, according to the Business Journal.

In April, Taylor Morrison paid $57.4 million for a Mountain View apartment complex that’s slated for redevelopment. Griffis Residential Investments bought a newer Milpitas complex near KLA ‘s headquarters for $153.5 million.