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Facebook plans a company town for the 21st century

Facebook CEO Mark Zuckerberg
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Facebook CEO Mark Zuckerberg

There may be a housing shortage in Silicon Valley, but Facebook employees don't need to worry.

(Read more: Tech rebound drives housing frenzy in Silicon Valley )

Facebook is working with the local developer St. Anton Partners to build a $120 million, 394-unit housing complex so its workers can live closer to campus, according to a Wall Street Journal report. It should be noted, however, that the housing units will be open to anyone, not just Facebook employees.

Like the company headquarters, the housing community, called Anton Menlo, will feature unique perks, including a doggy daycare center and a sports bar.

(Read more: Silicon Valley start-ups take perks to new level )

The apartments will be priced at market rates, and a small number will be set aside for low-income residents, the WSJ said.

Read the Wall Street Journal's full report.

By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.

Correction: This version was corrected to include that Facebook is working with a developer to build the housing complex.

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