SUNNYVALE — An apartment complex in Sunnyvale was bought at a price that offers some hopeful signs for the health of the region’s rental housing sector.
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The Highlander at 620 Iris Ave. was purchased for $69.5 million by an affiliate of Prometheus Real Estate Group, according to a grant deed filed July 1 in Santa Clara County.
The sale price for the 173-unit complex works out to roughly $401,700 a unit, 4.3% above the current Santa Clara County average of $385,000 a unit for apartment deals, as estimated by commercial real estate firm Marcus & Millichap.
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The transaction contrasts with recent financial setbacks for apartment towers in the Bay Area, such as The Fay in downtown San Jose and several apartment hubs in Oakland.
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