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NORTHERN CALIFORNIA NEWS
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Silicon Valley Res Development Trades for $292 Mil

12/05/19

NYC-based Brookfield Property Group has closed on a large multifamily acquisition in Silicon Valley, paying $292 mil for The Village Residences, a 330-unit asset in Mountain View. The property was sold by a joint venture between Merlone Geier Partners and Carmel Partners, who developed the complex in 2015.

The three-building property is located at 545, 555 and 565 S. San Antonio Rd, a block east of El Camino Real. The project includes 43k sf of ground-floor retail space, occupied by Paul Martin’s American Grill, Veggie Grill, Pacific Catch and Lux Beauty Nail Salon.

The Residences is adjacent to another mixed-use development. Also built by Merlone Geier Partners and Carmel Partners, this additional project includes a 167-room Hyatt Centric Hotel, a 10-screen Icon movie theater and a Safeway grocery store, along with 440k sf of office space and more retail uses.





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