A New York City-based private equity firm has purchased the 13.3-acre property at 3905 Freedom Circle in Santa Clara. Greystar, the former owner, has secured approval for a 1,075-unit residential development across the property. Cerberus Capital Management, the new owner, is a multibillion-dollar investment firm chaired by a former US Vice President.
3905 Freedom Circle Project overview, site map by Studio T Square
The sale was first reported by George Avalos for the Bay Area News Group. For $50 million, the sale is a marked increase since Greystar paid $35 million in 2017. While construction has yet to start, Greystar approved plans for the 1,075-unit masterplan with a small retail presence and a two-acre public park. If built, construction is expected to occur over three phases.
Studio T Square is the project’s planner and architect. BKF is the civil engineer, and RHAA is the Landscape Architect. Facade materials will include cement plaster, fiber cement, porcelain tile, and pastel hues. Each of the three buildings will offer a club room, fitness center, co-working lounge, and pool decks.
3905 Freedom Circle aerial view from Freedom Circle Drive looking south, rendering by Studio T Square
3905 Freedom Circle, image via Google Satellite
The plan is on the southeast edge of the Freedom Circle Focus Area Plan, which was first planned in 2019. Santa Clara adopted the general plan in 2022 to create over three thousand homes and offices in the 108-acre neighborhood.
Cerberus Capital was founded in 1992 and has accrued several prominent key people within its leadership. Steve Feinberg is the founder and co-CEO of Cerberus, as well as a chairman of the Intelligence Advisory Board for President Donald Trump. The most high-profile individual is former Vice President Dan Quayle under George H.W. Bush, who has been Chairman of Global Investments since 1999. Chairman of Capital Management since 2006, John W. Snow has served as the 73rd US Secretary of the Treasury for George W. Bush and administrator of the National Highway Traffic Safety Administration for Gerald Ford.
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Hmm.. “small retail presence”, for such a large development you’d think they would want more reasons for people to be in the area. It’s surrounded by office parks mostly. I suppose if you work over there, it’s technically walkable to work. Although Silicon Valley office occupancy rates are still quite low.
Excellent.
I used to work within walking distance of this location for about 7 years. If only these apartments existed then.
Pedro’s and Birk’s are going to get a boost, but then again, they could have gotten this boost 20 years ago if this was built back then.
Better late than never.
Note that low-density office park with surface parking taking up 20+ acres across the street.
Bulldoze that and build 6-story apartments there next.