CUPERTINO — The Villages at Cupertino, a few blocks from Apple’s former headquarters hub on Infinite Loop, was purchased for more than $200 million, records show.
Rockpoint Group, acting through an affiliate, paid $207.2 million for the apartment complex on Valley Green Drive, according to documents filed on Wednesday with the Santa Clara County Recorder’s Office.
The affiliate of Rockpoint Group obtained a loan of $182.1 million from Husky Finco for the acquisition. Boston-based Rockpoint Group is a real estate private equity firm.
Koret Foundation, a nonprofit that acted directly and through an affiliate, sold the complex.
The Villages at Cupertino includes 468 apartments, according to Apartments.com.
The purchase price works out to about $442,735 a unit for the apartment complex that sits near the interchange of Interstate 280 and De Anza Boulevard.
In 2023, the Koret Foundation paid $455,455 per unit to buy 110 of the units at a total price of $50.1 million. A Koret affiliate already owned the other 358 units at the time of the transaction.
On a per-unit basis, the price that the Rockpoint Group affiliate paid for the recent transaction points to a per-unit value that is about 2.8% less than what was paid for the 110 units about two years ago.
The Villages at Cupertino was built in 1964. The units are typically in two-story buildings. Amenities include a pool, fitness center, outdoor lounge, barbecue stations and an outdoor kitchen.
This deal was completed at a time of murky trends in the Bay Area apartment market. Some deals hint at a relatively robust multifamily residential sector while other transactions suggest feeble property values.
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