CAMPBELL — Two real estate firms have bought separate sites in Campbell where well over 100 residences are slated to be constructed, in deals that help to push the proposed projects forward.
The buyers paid a combined $59.9 million for the Campbell properties, documents on file with the Santa Clara County Recorder’s Office show.
One of the just-purchased sites is 251 Llewellyn Avenue in Campbell, where a 106-unit residential development is being planned on the site where Pacific Clinics had been operating a behavioral health outlet.
The other site is at 320 Virginia Avenue, consisting of 2.2 acres of vacant land.
A 40-unit townhome development at 320 Virginia Street in Campbell, elevated view, concept. (Dahlin Group)
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Here are the details of the Campbell property purchases, as disclosed in the county real estate records:
— Essential Housing Asset Management, acting through an affiliate, paid $40.5 million for the 251 Llewellyn site, which totals 5.6 acres. Pulte Homes has an option to buy the development site. Pulte also is the applicant to develop the 106 housing units on the site.
— KB Home South Bay paid $19.4 million for the 320 Virginia site. KB is planning a 40-unit townhome development on the property, which totals 2.2 acres. In 2021, Valley Oak Partners paid $5.65 million for the empty land, which it bought from SJW Group, which owns San Jose Water Co.
Pacific Clinics, the behavioral health firm, sold the 320 Virginia site to the Essential Housing affiliate. Pacific Clinics has moved its operation to Los Gatos.
The deals show that veteran and experienced homebuilders continue to be interested in buying properties for potential development at choice Bay Area sites.
The timeline for the project development wasn’t immediately clear.