Acacia Capital buys Downtown Sunnyvale apartment complex for $62M

Deal for 124-unit complex in two figure-eight buildings works out to $502K per unit

Acacia Capital Buys Sunnyvale Apartment Complex for $62M
295, 355 and 395 East Evelyn Avenue (Villa del Sol)

Acacia Capital has bought a 124-unit apartment complex in Sunnyvale for $62.25 million.

The San Mateo-based investor purchased Villa Del Sol, a two-building apartment complex at 295, 355 and 395 East Evelyn Avenue, the Silicon Valley Business Journal reported. The seller was Pacific Urban Investors, based in Palo Alto.

The deal came out to about $502,000 per unit.

As part of the purchase, Acacia took out a $32.5 million loan from Fannie Mae through CBRE Multifamily Capital, a unit of Dallas-based CBRE Group. 

Villa Del Sol, built in 2001, contains two figure-eight shaped buildings, each containing inner courtyards.

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It’s about a block from South Murphy Avenue, the main street for Downtown Sunnyvale, and two blocks from CityLine, an urban-retail village with apartments, offices, a movie theater, shops and restaurants.

Acacia Capital, founded in 1992, has spent more than $5 billion to acquire nearly 30,000 apartment units and 42,000 single-family home lots, according to its website.

A year ago, Pacific Urban paid nearly $51 million for a smaller, older apartment complex in Palo Alto. Three years ago, the firm sold The Landmark Apartments in Sunnyvale for $58 million, according to the Business Journal.

In May last year, the firm once known as Pacific Urban Residential bought a 246-unit apartment building in Fremont for $127 million.

— Dana Bartholomew

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