Cerberus Real Estate Capital Management LLC, through its affiliate, has purchased a 13.3-acre undeveloped site in Santa Clara for $50 million from Greystar Real Estate Partners. The New York City-based investment firm plans to develop the site into 1,100 apartments.
According to reports from Silicon Valley Business Journal , it is uncertain what Cerberus intends to do with the two adjoining parcels included in the purchase. In 2017, Greystar acquired the land for $35 million from Intel Corp., which had owned it for two decades and is located near their headquarters campus.
Last year, Santa Clara approved Greystar’s development proposal that would have allowed them to build not only apartments but also commercial space measuring at 2,000 square feet and a public park spanning two acres on Freedom Circle (3905). Additionally,the project includes plans for constructing up to 1,540 parking spaces.
