MOUNTAIN VIEW — A real estate unit of the Church of Jesus Christ of Latter-day Saints has bought a Mountain View apartment complex for more than $290 million in a deal that suggests the property’s value has barely budged.
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Property Reserve, through an affiliate, has paid $296.7 million for The Village Residences near the corner of San Antonio Road and Fayette Drive in Mountain View, documents filed on Sept. 23 with the Santa Clara County Recorder’s Office show.
The latest price for the 330-unit apartment hub is barely higher than the $292 million the seller, an affiliate of New York City-based Brookfield Property Group, paid in 2019 for the property. The price has risen just 1.6% in seven years.
Salt Lake City-based Property Reserve is the real estate investment arm of the reserve funds of the Church of Jesus Christ of Latter-day Saints, according to the subsidiary’s website.
Property Reserve’s affiliate bought the three-building residential hub through an all-cash deal, the county real estate files show.
The apartments were originally developed through a joint venture of real estate firms Merlone Geier Partners and Carmel Partners and are located at 545, 555, and 565 S. San Antonio Road in Mountain View.
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The residential hub also features 43,000 square feet of ground-floor shops and restaurant spaces.
The purchase agreement for the apartments prevents the new owner from converting the apartments to condominiums for at least 10 years, a public filing shows.
Property Reserve’s portfolio includes office buildings, apartments, lodging properties, mixed-use sites and land, according to the real estate organization’s web site. The site didn’t list any specific properties.
“As caretakers of sacred funds, we invest in responsible, reliable, and revenue-generating properties to support the Church’s mission,” Property Reserve states on its website.
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