SUNNYVALE — Prometheus Real Estate Group, one of the Bay Area’s largest and most successful developers, has scooped up apartment complexes and a small retail center in Sunnyvale in a deal worth more than $75 million.
The veteran real estate firm used multiple transactions to buy several Sunnyvale properties that are next to or near East El Camino Real between South Fair Oaks Avenue and South Wolfe Road, Santa Clara County public documents show.
The sellers were different affiliates or trusts that were all headed by Margaret Bellomo, Christopher Bellomo, and Victor Bellomo, or their family members, according to property documents.
Through two affiliates, Prometheus Real Estate bought St. Francis Arms Apartments at 739 and 739 E. El Camino Real, Amber Circle Shopping Plaza at 717 E. El Camino Real, and Willow Pond Apartments at 825 Maria Lane, county documents show.
The deals indicate that big real estate firms continue to hunger for good investments in Silicon Valley, despite the economic uncertainties that have been ushered in by the coronavirus.
San Mateo-based Prometheus paid a combined $77.2 million for the Sunnyvale properties, according to public records that were filed on July 30.
The St. Francis Arms Apartments in Sunnyvale are already listed on the Prometheus web site as one of the company’s new residential communities. St. Francis Arms Apartments total 80 units, according to the apartments.com site.
Prometheus paid $45.7 million for St. Francis Arms Apartments, which total 80 units, according to the county records.
The Amber Circle retail center was bought for $20.2 million. This center totals 20,000 square feet.
The Willow Pond Apartments, a 40-unit complex that is listed on websites as being closed, was bought for $18.9 million, according to property records.
