Stanford adds housing near campus
The university has acquired the 759-unit Oak Creek Apartments 26 years ahead of its ground lease expiration to provide additional housing opportunities for Stanford affiliates, with a focus on postdoctoral scholars.
This story was updated on Tuesday, Sept. 20.
Stanford University announced today that a Stanford affiliate has acquired the leasehold on the Oak Creek Apartments, a 759-unit multifamily residential complex located on university lands. The acquisition is a unique opportunity for Stanford to add a significant amount of housing for eligible university affiliates very close to where they work and learn.
Oak Creek Apartments on Stanford’s campus lands. (Image credit: Courtesy Land, Buildings and Real Estate)
Located on Stanford’s Founding Grant lands, Oak Creek Apartments had been ground leased to an apartment operator since 1959. The current apartment operator lessee decided to sell its leasehold and Stanford took the unexpected opportunity to have an affiliate acquire this 26-year leasehold in order to accelerate the supply of housing. Oak Creek, which is on Sand Hill Road, is adjacent to the academic portion of the main campus and is within a half mile of Stanford’s hospitals.
For several decades, Stanford has been leasing a number of apartments at Oak Creek for members of the university community. Acquiring the leasehold will allow the university to offer additional opportunities for eligible affiliates to rent apartments at reasonable rates. Existing Stanford-affiliated tenants who are not currently renting one of the university’s master-leased units will benefit from the reduced rental rates at the time of their next lease renewal.
As units turn over naturally, Stanford plans to offer those apartments to eligible members of the university community.
As the university determines exactly how available units will be assigned, postdocs will be the highest priority group. Because of the apartment complex’s location near the central academic portion of campus and Stanford Medicine facilities, it is particularly well-situated to serve a broad range of postdocs.
“Acquiring Oak Creek is a significant step forward in our efforts to expand housing opportunities for the Stanford community on and near campus,” said Provost Persis Drell. “I’m especially proud that we will be able to prioritize housing opportunities for postdocs at Oak Creek because they face unique challenges navigating the local housing market.”
As with all of Stanford’s rental communities, the rental rates for eligible university affiliates will be less than the standard market rate. While the units will not be designated as Below Market Rate housing, they should reduce demand for similarly priced rental housing in the region.