Updated Mar 26, 2026
Chris Neighbor Of SummerHill Homes Acquires Development Site In Palo Alto From Cesano Incorporated For $18M
4345 West El Camino Real
$18,000,000
Units
29
Asset Type
Development Site
Closing
Mar 18, 2026
About this deal
AI
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.
On the Map
$18,000,000
Development Site
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Players
Palo Alto Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93