Jackie Safier Of Prometheus Real Estate Group Acquires Multifamily Asset In Sunnyvale For $69.5M

The asset involved in this transaction is a multifamily property located at 620 Iris Avenue in Sunnyvale, CA. The property was sold for $69,500,000, which translates to approximately $401,734 per unit. The apartment community consists of 173 units, contributing to the housing demand in the Silicon Valley market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,500,000
• Units: 173
• Price Per Unit: $401,734
• Buyer: Jackie Safier - Prometheus Real Estate Group
• Seller: Northwest Investments & Central Investments

This acquisition of the Highlander apartment community by Prometheus Real Estate Group represents a strategic expansion of their Bay Area multifamily portfolio, taking advantage of the ongoing AI-driven job growth in the region and its impact on housing demand.