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$88M Buys 311-Unit Silicon Valley Apartment Complex

CUPERTINO, CA-Publicly held Archstone Smith of Denver acquires Avalon Cupertino from publicly held Avalon Bay Communities of Alexandria, VA.

By Brian K. Miller | Updated on February 01, 2006

CUPERTINO, CA-Archstone-Smith of Denver has paid $88 million to Avalon Bay Communities of Alexandria, VA for Avalon Cupertino. The 311-unit apartment complex sits on eight acres near the intersection of Interstate 280 and Stevens Creek Boulevard. The per-unit price for the property works out to about $283,000.

A source at Archstone-Smith declined to reveal the property’s current occupancy. According to Avalon Bay, the property had a physical occupancy of 99.7% at the end of 2004 and an economic occupancy of 96.3%. The current asking rate average is approximately $1.75 per sf per month. The actual average effective rental rate as of the end of 2004 was $1.58 per sf. Built in 1999, the property’ was held on Avalon’s books at around $49 million.

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