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BAY AREA NEWS
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Repositioned Sunnyvale Res Community Sells for $424k/Unit

8/15/17

A 37-unit multifamily property in Sunnyvale traded hands in a recent $15.7 mil ($424k/unit) transaction. The property, called “pksl,” was purchased by a Bay Area-based private partnership. It is located at 1090 Sunnyvale Saratoga Rd, north of Fremont Ave and east of Hwy 85.

The 1960’s era asset was sold by Calvera Partners, which had acquired it – then called Crestview Terrace -- in January 2014 for $8.325 mil. The company repositioned the property and saw an 89% increase in price over the three-and-a-half years they owned it. Major tenants in the immediate vicinity of the property have included some of the original tech darlings, such as Atari, AMD and Yahoo.

“This community underwent the most significant physical change of any property we’ve owned,” said David Saxe, managing principal at Calvera Partners. “It was in disrepair when we took ownership and needed a major renovation and image upgrade. We spent more than $2.5 mil renovating the property both inside and out to create a community that is modern, interesting, and functional for today’s renter.”

Sunnyvale was the birthplace of Atari and modern video gaming. Atari’s iconic wood grain gaming console and the highly pixelated video game characters provided the imagination behind the design. Much like the boutique hotel industry, which is the company’s source of inspiration, Calvera created a sense of place and community in a building that lacked those characteristics.

“We created a tenant lounge out of an old mailroom, commissioned an artist for a mural at the pool, and opened up the patios to a new courtyard to encourage connection among neighbors,” said Saxe. “These attributes made pksl stand out in a very crowded apartment market. With design flair, creative outdoor and communal spaces, architect-chosen details, and a color scheme bursting with energy and promise, pksl’s refreshed residences challenged the notion of what renting in Silicon Valley could be.”

Other creative motifs incorporated into the renovation included:

• Wood grain finishes and an orange and black color scheme (an homage to Atari) plus block elements (for pixelation) throughout.
• Remodeled kitchens and baths, and new flooring, LED lighting fixtures and electrical.
• New paint colors, wood-enclosed balconies and patios with secured entry.
• Drought-tolerant landscaping, dual pane windows, monument signage, and lighting.
• Refreshed pool area with outdoor art, bicycle storage, a dog-friendly courtyard, and a Wi-Fi equipped tenant lounge.

Adam Levin with Marcus & Millichap represented the seller in the deal. Nathan Gustavson, also with M&M, repped the buyer.





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