August 10, 2018 Comments (0) Views: 740 Bay Area, California News

SummerHill Snags Mountain View Development Site for $23M

San Ramon, CA-based SummerHill Homes acquired a 1.72-acre land parcel in Mountain View, CA for $22.5 million with plans to develop 40 new for-sale townhomes. The seller was an undisclosed private high net-worth investor.

The transaction represents a record high price-per-acre in the Silicon Valley, where there is little land available, notes Adam Levin of Marcus and Millichap’s Levin Johnston team, who represented the seller, as well as buyer. The property is located near the intersection of West Middlefield Road and Rengstorff Avenue.

“This was a prime opportunity to own a well-located land parcel with development entitlements already in place,” says Levin. “By bringing in a buyer with the expertise to develop the land, we were able to create tremendous value for the seller, the buyer, and the surrounding community.”

Connect With SummerHill Homes

Connect With Marcus and Millichap’s Levin


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , ,

Comments are closed.