MidPen acquired Posolmi Place, formerly called Eight Trees, from a local non-profit service provider who was interested in refocusing their efforts on the provision of services rather than property management. In acquiring the property, MidPen brings to Posolmi Place its breadth of experience as a seasoned non-profit affordable housing developer and property manager. MidPen will restructure the property’s finances to ensure its long term financial stability and the preservation of these units as restricted, affordable housing units in the City of Sunnyvale. As part of a holistic effort to preserve these units, MidPen will perform renovations and repairs to rehabilitate this aging property to current standards.
