Cityview and Greystar last month sold a 164-unit mixed-use project in downtown Mountain View, California, according to a news release. Though a buyer was not named, the property is now listed on Essex Property Trust’s website as ARLO Mountain View.
Los Angeles-based Cityview and Charleston, South Carolina-based Greystar initially broke ground on Elan Mountain View in 2016, completed construction on it in 2018 and held the asset until last month. In 2023, the property’s assessed value was just less than $100 million, according to Santa Clara County property assessments.
Elan Mountain View was one of two remaining assets in an existing Cityview fund, Cityview CEO Sean Burton told Multifamily Dive. Even in the slow sales market, the company thought that “strong rental demand in Mountain View provided a desirable disposition,” which would help drive pricing.
“Given the uniqueness of this asset and its prime location, we believed it would command a lot of attention in the market and were very happy with the level of market engagement,” Burton said. “Based on where the bidding ended up, we thought it was the right time to transact.”
Quality location
The property sits less than 1 mile from the Mountain View Caltrain Station and at the convergence of highways 101, 85 and 237, providing access to San Jose and The San Francisco Peninsula. Also, Amazon, Google, Microsoft, Apple and Intuit have offices nearby.
“With its ideal location, ample amenities and unique retail offerings, Elan Mountain View has been extremely well received by residents and the surrounding community,” Burton said in the news release.
Elan Mountain View offers studio, one-, two- and three-bedroom floor plans with smart thermostats, keyless entry, quartz countertops, modern cabinetry, full-tile kitchen backsplashes, wood-look vinyl plank flooring, stainless steel appliances and full-size washers and dryers. Some units have street-level walk-up entrances and private patios and balconies.
The property’s amenities include a fitness center, a two-level clubroom with a billiards table and chef’s kitchen, an edible garden, a private business center and a courtyard with an outdoor kitchen and fireplaces. The property also offers 164 storage units to residents and secured access parking.
Elan Mountain View includes 11,000 square feet of fully occupied ground-floor retail spaces. After selling the property, Cityview plans to remain active in the market.
“Cityview is deploying capital out of its seventh discretionary fund for both value-add and development opportunities and will continue to focus on near-term opportunities to acquire well-located, strong-performing assets at below replacement cost and develop its future development pipeline over the next 12 to 24 months,” Burton said.
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