The Parkview apartment complex in Sunnyvale, Calif., is under threat from an aggressive new developer.
A recent report from real estate website Apartment List states that the Parkview Apartments is currently valued at $8.7 million, with more than one year left on the lease.
Apartment List also notes that the apartment complex is on the market for a reported $1.8 million, which would be about a 5% discount.
The new developer, Urban Core, is currently working to renovate the complex, which is located in the Sunnyvale/Westwood area.
The Sunnyvale-based developer was founded in 2011 by the husband-and-wife team of James & Jodie Zimring, who also recently sold their stake in a residential development in Manhattan.
The developer is known for its multi-level apartment buildings and luxury residences.
Urban Core’s website claims that the apartments in the Parkwalk complex are in the “peak of luxury.”
According to the listing, the Parkwalker apartments are currently the most expensive in Sunnydale and the largest in the Bay Area.
“Parkwalk is home to the largest residential area in the city and the first of its kind in California,” the listing states.
An image posted by Urban Core shows the new Parkwalk apartments.
This is a photo of the apartments being built.
UrbanCore’s listing also mentions that the new developer has promised to renovates the apartment building, which includes a rooftop garden and a pool.
Urban Core has been working on renovations for the Parkwalls for some time.
In a statement to The Hill, the Zimrings said that they were “committed to making the apartments as beautiful as they can be, with a commitment to a long term, sustainable lease and commitment to provide our residents with the best possible living conditions.”