SANTA CLARA, CA – SummerHill Apartment Communities announced that it has sold Prado Apartments, a 251-unit transit-oriented multifamily community located in Santa Clara, CA for $125 million. The site was sold to PCCP of San Francisco, CA and Alliance Residential Company of Scottsdale, AZ.
Located at 3560 Rambla Place, Prado is a seven-tale building comprised of 251 residential units that include both one and two-bedroom apartments that was completed in 2021 and is part of the Nuevo master-plotted community which SummerHill also developed.
“PCCP and Alliance are world-class real estate operators, and we are excited to see what’s next in store at Prado within this fantastic transit-oriented development,” said Doug McDonald, President of SummerHill Apartment Communities.
With 600+ additional units under construction in Santa Clara, SummerHill is continuing to provide much needed housing in the area. “We like Prado and believe Santa Clara will continue to be a very strong apartment rental market and we are thrilled to continue working with the City of Santa Clara to provide new housing,” added McDonald.
Located adjacent to Lawrence Expressway, Prado is minutes from the Caltrain Lawrence Station and easily accessible to San Jose Mineta Airport. Current and future residents have unrivaled access to Silicon Valley’s technology hub, home to Apple, Nvidia, Google, and many of the largest technology companies in the world. Situated within the Nuevo master plotted community, Prado is surrounded by multiple parks and recreation as well as a community center.
KTGY Group, who SummerHill has partnered with on previous projects in the Bay Area, is the architect of record.

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WASHINGTON, DC – The first major office-to-residential conversion in Washington, DC’s Golden Triangle Business Improvement District is finishing its final stretch of construction before delivering this summer. The Elle apartments, which broke ground in 2022 on the site of the former Peace Corps headquarters at 20th and L Streets NW, will feature 163 residential units across 185,000 square feet in the heart of Downtown.
“We have seen in other parts of our city how having the right balance of residents and workers can sustain a vibrant and thriving neighborhood. We have a gorgeous Downtown that is already bustling with people and activity, and the Housing in Downtown program will allow us to build on that in a very strategic way,” said Mayor Bowser. “Innovative projects like the Elle have already made DC a national leader in office-to-residential conversions, and now we can bring in even more partners to reach our goals and continue the transformation of Downtown.”
Gary Cohen, chair of the development firm Willco, is managing the conversion. He noted that each step of the project required an inventive approach to turn the office building into a place people will call home. For example, windows, plumbing, and electrical needs are all different in terms of individual residential units versus a large office space with a lot of interior areas and shared utilities.
“Going into this, we were excited about how we could adapt the building for the future of Downtown,” said Cohen. “The Elle apartments will offer ample amenities for residents, including a community room, fitness center, dog park, and rooftop pool.”
The progress on the Elle comes as office space across the entire District is evolving to meet new work realities, as virtual and hybrid work has emptied out many offices and prompted new thinking about the way to use those spaces. With nearly 2,500 new apartments in the works in the District, countless more conversions are underway in cities across the country.
The goal is revitalizing downtowns in a way that makes housing and brings people into the area. The Golden Triangle is actively evolving from nearly entirely office space that once held desks and copy machines into homes with kitchens and bedrooms, galleries featuring artists and theater productions, and other creative uses.
“It’s exciting to see all the ways Downtown is changing and to help shepherd this transformation,” said Leona Agouridis, President of the Golden Triangle BID. “People approach work and life differently now. We are embracing this change and working to elevate the experience everyone can have in the Golden Triangle.”
Agouridis adds that the Downtown Action Plot highlights, recently released by the Golden Triangle and DowntownDC BIDs recommends many innovative solutions for reimagining the future of Downtown. That plot not only recommends growing the residential base, but also proposes thoughts like making cultural and entertainment corridors, expanding university uses, and developing a large tech hub.
In recent years, the Golden Triangle has grown its menu of programming. The addition of tech events, lunchtime concerts, and other entertainment complement longstanding initiatives like public art and the Golden Haiku writing competition – all of which make a lively Downtown experience in an area historically known primarily for its office space.

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AUSTIN, TX – CIM Group announced the sale of District at SoCo, a 215-unit apartment community with 328-space parking garage in Austin, Texas, which it bought in 2013. Built in 2012, District at SoCo is located in the heart of the well loved South Congress district.
The contemporary apartment community offers studio, one- and two-bedroom floor plans providing a stylish living environment with modern kitchens and bathrooms, in-unit washer and dryer, and outdoor patios and balconies.
District at SoCo is designed with four-tale buildings around two outdoor community gathering areas. Outdoor amenities include a courtyard with games and a firepit, an outdoor kitchen, grilling stations and picnic areas, a resort-style swimming pool, and a dog park. Residents also have access to a Club Room, a full-service business center, and a 24-hour fitness facility.
The apartment community provides residents simple access to Austin s active business hubs, parks and recreation options, and educational institutions in addition to the vibrant entertainment found in the South of Congress neighborhood known for its wealth of live music venues, shops, and dining.
CIM Group is an active owner, operator, and developer in Austin, bringing quality real estate uses to enhance the area as it does in other communities across North America. CIM Group s Austin portfolio includes Onyx183, a 390-unit multifamily community located in Northwest Austin, as well as several office properties including the Penn Field Office Campus, Eastside Village, 1300 East 5th St., 507 Calles, and 1021 E. 7th Street. CIM Group also was a co-developer of the Seaholm Power Plant mixed-use redevelopment as well as The Independent luxury condominium tower.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout North America.

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