New investor snaps up Mountain View’s Village Lake apartments for $145M

Originally posted in the Silicon Valley Business Journal

A recently formed real estate investment firm has picked up Mountain View’s Village Lake Apartments in a $145 million off-market deal, and the locally based group is looking for more assets to acquire and develop, executives said.

FortBay LLC, in a joint venture with Colony Capital, acquired the 208-unit community at 777 W. Middlefield Road last week from an affiliate of Braddock & Logan, the project’s longtime owner. The price equates to just under $700,000 per unit.

This is the first acquisition for FortBay, but the firm is not lacking in local experience. Its three principals — Perry Hariri, Lance Tate and Tom deRegt — are Bay Area real estate veterans, with backgrounds in the development, acquisition and operating sides of the business.

“We have experience with office, retail, mixed use, but our core competency is definitely residential,” Tate told me over the phone on Monday. “We also have home-building capabilities.”