Chris Neighbor Of SummerHill Homes Acquires Development Site In Palo Alto From Cesano Incorporated For $18M

A development site located at 4335 & 4345 West El Camino Real in Palo Alto has been sold. The asset comprises two properties acquired for a total price of $18,000,000. The site is set to host a 29-unit townhome community following receipt of tentative approval from the city, replacing a former motel and retail building with five three-story structures.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $18,000,000
• Buyer: Chris Neighbor - SummerHill Homes
• Seller: Cesano Incorporated
• Market: Palo Alto

This transaction emphasizes SummerHill Homes' commitment to expanding its townhome pipeline in Silicon Valley. Chris Neighbor represents SummerHill Homes in this acquisition, continuing the developer's initiatives within the region.