MORGAN HILL — An apartment complex on the site of a longtime Sunsweet plant in downtown Morgan Hill was bought by a Bay Area real estate firm for $45 million, documents filed on Sept. 16 with the Santa Clara County Recorder’s Office show.
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An affiliate of Redwood City-based Keech Properties obtained a loan totaling $29.4 million at the time of the purchase of the 83-unit Sunsweet complex at 90 East Third St., county real estate records show.
CBRE Multifamily Capital originated the loan and then immediately transferred the financing instrument to Fannie Mae, officially the Federal National Mortgage Association.
San Jose-based developer Republic Urban Properties sold the property, which is across the street from the Morgan Hill Caltrain station, for more than the project’s development cost of $37.6 million.
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With MOHI Farm, a restaurant and wine bar, as the site’s primary merchant, the complex has about 8,000 square feet of ground-floor retail, according to Republic Urban Properties, which is involved with multiple apartment projects in San Jose.
Completed in 2020 by Republic Urban Properties, the apartment complex was developed atop a site where the project’s namesake, agriculture firm Sunsweet, operated a fruit packing and dehydration plant for decades, before ultimately closing in 1987.
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