PCCP and Alliance Residential Company announced they have acquired Prado Apartments, a 251-unit, transit-oriented multifamily community in Santa Clara, Calif., for $125 million. SummerHill Apartment Communities was the seller.
The sale was recorded on Feb. 27, 2024, and the new owner received the property fully stabilized. Located at 3560 Rambla Place, Prado is a seven-story building comprising 251 residential units. It includes one- and two-bedroom apartments completed in 2021 and is part of the Nuevo master-planned community that SummerHill also developed.
Located adjacent to Lawrence Expressway, Prado is minutes from the Caltrain Lawrence Station and easily accessible to San Jose Mineta Airport. Residents have access to Silicon Valley’s technology hub, home to Apple, Nvidia, Google and many of the largest technology companies in the world. Prado is surrounded by multiple parks and recreation, as well as a community center.
