Exclusive: East Palo Alto's Woodland Park apartments changing hands in blockbuster deal
East Palo Alto's Woodland Park apartments - a massive collection of more than 1,800 rent-stabilized units - are about to change hands in a blockbuster deal that puts a new landlord in charge of more than half of the city's multifamily rental housing stock.
An affiliate of Menlo Park's Sand Hill Property Co. is buying the sprawling neighborhood of apartment buildings from publicly traded Equity Residential, Sand Hill executives confirmed last week. Terms weren't immediately disclosed.
The transaction comes after years of landlord-tenant tensions over evictions, rent increases and displacement in Woodland Park - traditionally a bastion of relative affordability near the epicenter of Silicon Valley's tech wealth. That history, and the size of the portfolio, guarantees that any new owner's actions will be closely scrutinized by housing activists, public officials and tenants...