SUNNYVALE, CA-Viscount Apartments, a 147-unit complex here built in 1968 has changed hands for $33 million. A partnership of BRIDGE Housing Corporation and Kirby Sack Properties, both of San Francisco, acquired the 40-year-old complex from the developer. The seller was Cherry Chase Associates, whose address in Palo Alto, CA is that of Saxon Enterprises Inc. and George B. Saxe, according to public records.

The purchase price translates to an initial cap rate in the low 4% range, according to local industry sources. One of the brokers in the deal, David Silver of Arroyo and Coates, declined to confirm the name of the seller or the cap rate but did tell that rent at the property is below market as is, meaning that the new owners could begin to increase the pace of the return on investment even before their planned rehab begins, and then again after it is completed.

“There were 34 offers on the property,” says Silver, who had the disposition assignment with fellow A-C broker Nathan Blair. “It was highly competitive because it is an A location and a high-quality product right in the sweet spot for developers looking for a renovation/rehab play.”

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