Updated Oct 21, 2025
Darren Richman Of Millrose Properties Acquires Development Site In Sunnyvale For $44.3M
777 Sunnyvale Saratoga Road
$44,300,000
Building Size
—
Asset Type
Development Site
Closing
Oct 16, 2025
About this deal
AI
The transaction involves a 5.2-acre development site located at 777 Sunnyvale Saratoga Road in Sunnyvale. Millrose Properties acquired the site, previously home to Orchard Supply Hardware, for $44.3 million in an all-cash deal. The site is entitled for 242 residential units along with 2,000 square feet of retail space.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $44,300,000
- Buyer: Darren Richman - Millrose Properties
- Seller: Mardit Properties
- Area: 5.2 acres
- Location: 777 Sunnyvale Saratoga Road, Sunnyvale
- Entitlements: 242 residential units and 2,000 square feet of retail
The deal involved Darren Richman, representing Millrose Properties, as the buyer, and Mardit Properties as the seller. The development site may be developed by New Home Company under an option agreement with Millrose Properties.
On the Map
$44,300,000
Development Site
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Sunnyvale Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93