A joint venture of PCCP, LLC and Alliance Residential has acquired Prado, a 251-unit, mid-rise apartment community located at 3560 Rambla Place in Santa Clara, California for $125 million ($498,000 per unit).
“PCCP is pleased to continue its partnership with Alliance on a Class A apartment asset in the Bay Area,” said Alex Schultz, a Senior Vice President with PCCP. “We believe Prado appeals to a renter base seeking high-end unit finishes and amenities with proximity to nearby employers.”
“We view this investment as an incredible opportunity to acquire a top-tier asset situated in a generational location,” said Stephen Squatrito, Acquisition Director with Alliance Residential.
Prado’s unit mix consists of one- and two-bedroom units that feature stainless steel Whirlpool appliances, quartz countertops, hardwood-style flooring, gas ranges, walk-in closets, and private outdoor patios. The property’s extensive amenity package includes an oversized pool and spa, a two-story fitness center, indoor and outdoor resident lounges, remote-work business center, and outdoor barbeques. Prado is within the 27-acre Nuevo master-planned community that was designed and entitled by SummerHill and includes high-end rental and for-sale residential product with shared amenity offerings.
Alliance is one of the largest and most active rental residential real estate developers in the United States. Headquartered in Scottsdale, Arizona with 19 regional offices, Alliance is focused on the development, construction and acquisition of residential communities across 16 states and 39 metropolitan markets. Alliance develops high-end Broadstone multifamily communities, Prose quality workforce housing, Holden senior housing communities, and Silveray build to rent communities. Additionally, Alliance created Alliance Industrial to expand into industrial warehouse and distribution development.
