Chris Neighbor Of SummerHill Homes Purchases Development Site In Los Gatos For $78.4M

A development site located at 50 Los Gatos-Saratoga Road in the Los Gatos market was sold for $78.4 million. The property spans 8.8 acres and comprises a total square footage of 46,000. The sale amounts to a price per square foot of $1,704.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $78,400,000
• Address: 50 Los Gatos-Saratoga Road
• Market: Los Gatos
• Asset Size: 8.8 Acres
• Square Footage: 46,000
• Price Per Square Foot: $1,704
• Buyer: Chris Neighbor - SummerHill Homes
• Seller: Los Gatos Lodge LLC

The transaction involved Chris Neighbor representing SummerHill Homes, who has plans to redevelop the acquired property into a 155-unit residential community. The project aims to replace the existing 128-room motel, originally built in the 1930s, with 28 three-story buildings featuring 26 below-market-rate townhome-style condos.