MOUNTAIN VIEW — A big apartment and retail complex in downtown Mountain View has been bought for more than $100 million in a deal that may send mixed signals about the Bay Area real estate market.
ARLO Mountain View, a 197-unit residential and commercial property at the corner of West El Camino Real and Castro Street, has been bought by an affiliate of Essex Property Trust, a veteran and savvy Bay Area real estate firm.
The Essex Property Trust affiliate paid $101.1 million for the complex, documents filed on May 17 with the Santa Clara County Recorder’s Office show.
San Mateo-based Essex Trust, acting through the affiliate, bought the complex through an all-cash deal.
South Carolina-based Greystar, a real estate firm that also is the nation’s largest apartment manager, teamed up with Los Angeles-based real estate firm Cityview to sell the Mountain View apartment property, according to the county records.
The just-bought Mountain View site features ground-floor merchants such as Rose International Market, a grocery store; Mr. Sun Tea, a bubble tea and milkshake shop; and Oh Honey Macaron, a bakery.
The price Essex paid for the residential complex suggests some weakness may have crept into the Bay Area apartment market, along with the well-known weaknesses of the region’s office sector.
The purchase price was about 20.6% below the property’s assessed value of $127.7 million, as of early 2023.
Cityview and Greystar originally broke ground on the development in 2016 and completed construction in 2018, Cityview said.
The two parcels that Essex Trust bought in the deal contain 197 apartments, according to information provided by the Santa Clara County Assessor’s Office.
During the ownership by Greystar and Cityview, the property was known as Elan Mountain View.
“With its ideal location, ample amenities and unique retail offerings, Elan Mountain View has been extremely well received by residents and the surrounding community,” said Sean Burton, Cityview chief executive officer. “It’s been a pleasure to partner with Greystar on this property and we look forward to seeing its continued success.”
The Essex website states that the new name for the complex is ARLO Mountain View.
“Our on-site amenities include a fitness center, clubhouse, business center, BBQ area and several gardens,” Essex states.
