Stanford University faculty and staff have a home in the Bay Area.
Just as soon as it's built.
The university has "pre-leased" an 167-unit apartment complex that's currently under construction in Los Altos, according to the San Francisco Business Times.
The "Colonnade" apartments are under construction on El Camino Real across the street from the San Antonio Shopping Center. Sares Regis Group and Pritzker Realty Group are the developers.
It wasn't revealed how much Stanford shelled out to rent the housing, but it was "market rate," a spokeswoman told the newspaper. Monthly average rents are near $3,000 for a one-bedroom apartment.
Stanford says that renting out the building before it's built is a way to get around one of its chief problems for recruiting and attracting talent: the Bay Area's ridiculous housing market.
Stanford is also building its own housing, with 180 units of condos under construction on California Avenue, the newspaper reported.