PALO ALTO — An apartment complex in one of the prime neighborhoods of Palo Alto has been bought for more than $50 million in a deal that hints at a sturdy market for the multi-family residential sector in that city.

Southwood Apartments, located at 2850 Middlefield Road in Palo Alto, has been bought for $59.9 million, according to documents filed on Feb. 13 with the Santa Clara County Recorder’s Office.

100-unit Southwood Apartments, a residential complex at 2850 Middlefield Road in Palo Alto.(Google Maps)
100-unit Southwood Apartments, a residential complex at 2850 Middlefield Road in Palo Alto. (Google Maps)

A family group headed up by real estate investor Richard Tod Spieker bought the Southwood Apartments complex, the county property records show.

Southwood Apartments is in what’s known as Palo Alto’s Midtown district, which is deemed by some to be one of the South Bay city’s prime neighborhoods.

The apartment complex has 100 units and was built in 1985, according to the Apartments.com website. The buildings in the complex are two stories.

The Spieker-led group bought the residential property through an all-cash deal.

The seller was an affiliate of Chicago-based Equity Residential, one of the real estate firms founded by the late Sam Zell, a legendary billionaire business executive.

The price for the Southwood Apartments complex suggests that property values for these kinds of residential properties might be in an upward trend in the South Bay.

The property value for the site in early 2023 was $26 million, according to documents on file with the Alameda County Assessor’s Office.

Source: www.mercurynews.com