A 330-unit apartment complex in Mountain View has changed hands for $296.7 million in an all-cash deal, with the buyer being the real estate investment arm of The Church of Jesus Christ of Latter-day Saints. County filings dated Wednesday, Sept. 23, 2026, show Property Reserve purchased The Village Residences, a complex spanning 545, 555 and 565 S. San Antonio Road near the intersection of San Antonio Road and Fayette Drive.
The sale price is only slightly higher than the $292 million an affiliate of Brookfield Property Group paid for the same property back in 2019, according to The Mercury News. That works out to a value increase of just 1.6% over seven years, a modest gain for one of the South Bay's larger residential holdings. Documents received by the Santa Clara County Recorder's Office on Sept. 23 confirm the transaction and its all-cash structure.
What Property Reserve Is Buying Into
The Village Residences includes 43,000 square feet of ground-floor shops and restaurant space alongside its 330 apartments, and it was developed by Merlone Geier Partners and Carmel Partners, per the same Mercury News account. The purchase agreement also bars the new owner from converting the apartments into condominiums for at least 10 years, a restriction baked into the deal itself.
Property Reserve describes itself plainly on its own site: it is “the real estate investment arm of the reserve funds for The Church of Jesus Christ of Latter-day Saints,” according to propertyreserve.org. The organization says its mission is to grow those reserves “through the acquisition, build-to-hold development and management of domestic and international properties.” Its broader portfolio spans office buildings, apartments, lodging properties, mixed-use sites and land, and the group frames its approach around generating what it calls responsible and reliable revenue for the Church's mission.
A Pattern of Long-Horizon, Cash-Heavy Buys
The Mountain View purchase fits a pattern documented well beyond the Bay Area. In Boca Raton, Florida, an affiliate of Property Reserve paid $240 million this year for the 456-unit, seven-building Uptown Boca Villas complex — itself a property that Cortland had bought for $230 million in 2021, according to The Real Deal. That same reporting notes a church affiliate paid $152.5 million for Boca Raton's 384-unit Del Ola complex in 2025, $133 million for a 315-unit Plantation building in 2024, and $102.4 million for a 284-unit Wellington complex in 2025.
Brokers describe the Church as a cash buyer willing to pay premiums for long-term ownership, sometimes underwriting deals on 50- to 100-year time horizons, according to propmodo.com. That outlet reports Property Reserve is also developing master-planned communities in Colorado, Florida, Arizona and Texas, part of a national footprint that a Bloomberg review cited by Propmodo pegged at 2.4 million acres across the United States with an assessed value exceeding $20 billion.
Prior Projects Show the Same Playbook
Property Reserve's own portfolio history reflects a similar mix of residential and mixed-use bets. In 2018, the group launched The Grove on Main in Mesa, Arizona, combining 243 apartments and 32 single-family homes, per propertyreserve.org's portfolio page. In 2022, an entity affiliated with the Church acquired Pacific Gateway, a six-building warehouse portfolio in Kent Valley, Washington.
Property Reserve is based in Salt Lake City, while Brookfield Property Group, the previous owner of The Village Residences, is headquartered in New York City. For Mountain View, the sale marks another instance of a well-capitalized, patient investor taking over a major residential property, with the 10-year condo-conversion ban ensuring the units stay as rentals for at least the next decade.
