Big developer Prometheus snaps up Sunnyvale apartments, retail

SUNNYVALE — Prometheus Real Estate Group, one of the Bay
Area’s largest and most successful developers, has scooped up
apartment complexes and a small retail center in Sunnyvale in a
deal worth more than $75 million.

The veteran real estate firm used multiple transactions to buy
several Sunnyvale properties that are all next to or near East El
Camino Real between South Fair Oaks Avenue and South Wolfe Road in
Sunnyvale, Santa Clara County public documents show.

The sellers were different affiliates or trusts that were all
headed by Margaret Bellomo, Christopher Bellomo, and Victor
Bellomo, or their family members, according to property
documents.

Through two affiliates, Prometheus Real Estate bought St.
Francis Arms Apartments at 739 and 739 E. El Camino Real, Amber
Circle Shopping Plaza at 717 E. El Camino Real, and Willow Pond
Apartments at 825 Maria Lane, county documents show.

The deals indicate that big real estate firms continue to hunger
for good investments in Silicon Valley, despite the economic
uncertainties that have been ushered in by the coronavirus.

San Mateo-based Prometheus paid a combined total of $77.2
million for the Sunnyvale properties, according to public records
that were filed on July 30.

The St. Francis Arms Apartments in Sunnyvale are already listed
on the Prometheus web site as one of the company’s new
residential communities.

“Tucked away from the hustle and bustle of El Camino Real is
St. Francis Arms Apartments, a quiet neighborhood with bright and
airy one and two-bedroom apartments featuring large private
terraces,” the Prometheus web site states.

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Source: FS – All – Real Estate News 1
Big developer Prometheus snaps up Sunnyvale apartments,
retail