Investors buy Sunnyvale apartments near development site

SUNNYVALE — A Bay Area investment group has bought a Sunnyvale apartment complex that’s next to a site where a residential project is being planned.

The Bungalows at Ahwanee complex in Sunnyvale has been bought by MJM Land Development, a San Jose-based real estate and property management firm, documents filed in Santa Clara County on Feb. 18 show.

Investors, even in the face of economic uncertainties unleashed by the coronavirus, continue to hunger for apartment projects in Silicon Valley, especially those near tech hubs or train lines.

In the most recent transaction, MJM Land Development paid $24 million for the Ahwanee Bungalows, which are at 126 W. Ahwanee Ave. in Sunnyvale.

Among other notable Bay Area apartment complex transactions within the last year:

— Park Hacienda Apartments in Pleasanton, 540 units, $248 million, March 2020.

— 808 West Apartments in downtown San Jose, 315 units, $184 million, February 2020.

— One South Market in downtown San Jose, 312 units, $175 million, June 2020.

— Redwood Garden Apartments in Berkeley, 169 units, $72.1 million, January 2021.

— Landmark Apartment Homes in Sunnyvale, 130 units, $58 million, September 2020.

— St. Francis Arms Apartments in Sunnyvale, 80 units, $45.7 million, July 2020.

— Victorian Square in Milpitas, 96 units, $36.3 million, October 2020.

— Vintage Tower in downtown San Jose, 63 units, $17.3 million, October 2020.

The Ahwanee Bungalows transaction involves a 69-unit complex that’s a few minutes away from major tech hubs owned or leased by Google, Facebook, and Amazon.

The just-purchased apartments in Sunnyvale are adjacent to a site at 210 W. Ahwanee where a 24-unit condominium project has been proposed that would replace some commercial buildings.