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Sharon Heights apartments sell for $245 million

Original post made on Dec 31, 2015

The Sharon Green Apartments in Menlo Park's Sharon Heights neighborhood were recently sold for $245 million, or $828,000 per apartment, according to the seller, San Mateo-based Essex Property Trust.

Read the full story here Web Link posted Thursday, December 31, 2015, 11:43 AM

Comments (5)

2 people like this
Posted by curious
a resident of Menlo Park: Sharon Heights
on Dec 31, 2015 at 2:17 pm

Does this mean that these apartments will be torn down and replaced? If so, would that be luxury apartments or more dense apartments? Does Menlo Park have controls in place so housing units will not be lost?


1 person likes this
Posted by sheesh!
a resident of Menlo Park: Sharon Heights
on Dec 31, 2015 at 6:22 pm

Stand back and wait for rents to skyrocket. Will the insanity in housing never end?


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Posted by Bubble boy
a resident of Menlo Park: Downtown
on Jan 1, 2016 at 9:20 pm

Rental rates are stabilizing...and even dropping in crazy downtown PA...Craigslist postings and reductions after initial postings confirm. Examples...101 Alma upper floor 2 br view corner unit with updates dropped 10% from asking after on market for over 6 weeks...Downtown North PA...prime rental area....updated Bryant Ct 1 br with garage and personal inside laundry went begging for 6 weeks...dropped 10% before finally rented....
lDouble income couples buying first time abodes with inflated stock options and historically low mortgage rates with after tax monthly cost about same as inflated rent rates for 1-2 bedroom apts

New inventory with superior amenities coming up in area.

Menlo Park below market rental ordinance together with stabilizing apt rent market will daunt Wall Street and internationals from getting greedy and will chaste their investors with long overdue reality check on valuations


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Posted by Stuart Soffer
a resident of Menlo Park: Linfield Oaks
on Jan 4, 2016 at 4:50 pm

This sale could be a step in converting the current rental apartments to condos.
If the developer put $100k in improvements to updated the units, they should be able to see the refreshed units at 1.5 Million.

In the late '70s there was an effort to convert Oak Creek Apartments on to condos, but that defrost was met with a lot of resistance.


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Posted by Stuart Soffer
a resident of Menlo Park: Linfield Oaks
on Jan 4, 2016 at 4:53 pm

(Apologies for the above. Fooey auto complete)

This sale could be a step in converting the current rental apartments to condos.
If the developer invested $100k in improvements for each unit, they should be able to sell the upgraded units at 1.5 Million.

In the late '70s there was an effort to convert Oak Creek Apartments on Sand Hill to condos, but that effort was met with a lot of resistance and the plan was dropped.


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