Prometheus Acquires 93-Unit Bellflower Townhome Community in Sunnyvale from Sack Capital Partners for $55.9MM
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
Prometheus Real Estate Group paid $55.9 million for a 1960s-era townhome rental community near downtown Sunnyvale, buying it from Sack Capital Partners about five years after the property last traded for $49 million a…
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