February 23, 2016
Woodland Park Communities, an affiliate of Menlo Park-based Sand Hill Property Company, has acquired Woodland Park Apartments in East Palo Alto from Equity Residential for approximately $412.5-million. Sand Hill is reportedly receiving financial support from the sovereign wealth fund Abu Dhabi Investment Authority.
Equity Residential acquired the 1,812 rent-stabilized units in a bankruptcy transaction in 2011. The acquisition gives Sand Hill control of key workforce housing units in the Peninsula.
Sand Hill is under public scrutiny about its plans for the 49-acre site, containing more than 100 buildings along Highway 101. For now, the company says no changes are imminent, since the property’s performance is good “as-is without significant change.”