SUNNYVALE — A big chunk of Sunnyvale land has been grabbed by a major real estate investor in a deal that helps a large residential complex advance toward being built.
Hearthstone Inc., acting through an affiliate, has bought two sites in Sunnyvale, paying $98.5 million for the 11.8 acres, according to documents filed on Oct. 21 with the Santa Clara County Recorder’s Office.
Separately, an affiliate of Toll Brothers, a veteran homebuilder, has obtained an option to buy the 11.8 acres from Hearthstone, which invests in residential projects nationwide, the county documents show.
The 11.8 acres are expected to accommodate the development of 329 condominiums or townhomes that would be offered for sale to individual homeowners. Hearthstone is based in the Los Angeles County city of Calabasas.
On an adjacent 5.3-acre site, Olympic Residential Group is developing 412 apartments, county property records show.
In November 2021, Olympic Residential paid slightly over $35 million for that property, which is at 401 Willow Ave.
The development will also include 1,500 square feet of retail on the ground floor of the apartment complex, the Sunnyvale city plans show.
“The project consists of a three-to-five-story apartment and commercial building with a wrapped seven-level parking structure, two condominium buildings of two to seven stories above podium parking structures, and 20 townhome buildings of two to three stories with individual garages,” the planning documents show.
Source: www.mercurynews.com