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 164-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.
ARLO Mountain View, a mixed-use complex consisting of 164 apartments and ground-floor grocery, retail and restaurant spaces at 1030 Castro Street and 801 West El Camino Real in downtown Mountain View. (Google Maps)
The Essex Property Trust affiliate paid $101.1 million for the apartment complex in Mountain View, 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.
Mixed-use complex called ARLO Mountain View, consisting of 164 apartments and ground-floor grocery, retail and restaurant spaces at 1030 Castro Street and 801 West El Camino Real in downtown Mountain View. (Google Maps)
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South Carolina-based Greystar, a real estate firm that also is the nation’s largest apartment manager, sold 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 that Essex paid for the residential complex suggests that some weakness may have crept into the Bay Area apartment market, along with the well-known weaknesses of the region’s office sector.
Why? The purchase price was about 20.6% below the property’s assessed value of $127.7 million, as of early 2023.
Greystar developed the apartment complex, completing the development in 2018.
During Greystar’s ownership, the property was known as Elan Mountain View.
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.
