Oak Creek Apartments, a large housing complex located on prime real estate at 1600 Sand Hill Road, has been purchased by Stanford, the university announced Wednesday.
An unnamed subsidiary of Stanford acquired the lease of the 759-unit multi-family residential complex, which is located on university land adjacent to the main campus and less than half a mile from Stanford hospitals. The university already owns the land but had leased it to an operator since 1959. The acquisition involved taking over the land lease and the buildings.
“The apartment operator’s current tenant has decided to sell their lease, and Stanford has taken the unexpected opportunity to have a subsidiary acquire this 26-year lease to accelerate housing supply,” said the university.
The acquisition is a unique opportunity for Stanford to add significant housing for eligible affiliate universities close to where they work and learn, the university noted.
For decades, Stanford has rented a number of apartments in Oak Creek for members of the college community. Acquiring the lease will allow the university to expand apartment rentals to its community at reasonable rates. Existing Stanford-affiliated tenants who are not currently renting any of the university’s leased units will receive reduced rental rates at their next lease renewal, the university said. As units naturally renew, Stanford plans to offer these apartments to eligible members of the university community.