Stanford University Claims Palo Alto Multifamily Property

Oak Creek Apartments, a 759-unit multifamily complex on Sand Hill Road in Palo Alto, CA has been purchased by an unnamed Stanford affiliate. The buyer will take over a $125 million loan for the property and also take ownership of the ground lease that the university provided to the sellers, Merena Properties and Pivnicka Properties.

According to Bay Area News Group, university spokesperson Joel Berman said, “Stanford took the opportunity to have an affiliate acquire the leasehold in order to increase the supply of academic housing on an accelerated timeframe. Oak Creek is adjacent to the academic portion of the main campus and is within a half mile of Stanford’s hospitals.

For many years, Stanford has been leasing a number of apartments at Oak Creek for members of the university, and acquiring the leasehold will allow expansion at reasonable rates. As units turn over naturally, Stanford plans to offer the apartments to eligible university community members.