$125 Million Silicon Valley Multifamily Asset Sale and Financing Brokered by Institutional Property Advisors
March 18 2024 - 3:47PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of Prado, a
251-unit multifamily asset in Santa Clara, California. The property
traded for $125 million, or $498,008 per unit. IPA Capital Markets
arranged $73.5 million in acquisition financing.
“Prado is one of Silicon Valley’s newest luxury communities,
with an ideal combination of lifestyle amenities and proximity to
the region’s major employers,” said Philip Saglimbeni, IPA
executive managing director. “Investor demand for quality assets in
supply-constrained markets is on the rise, as demonstrated by high
engagement levels on listing assignments. Moreover, recent
improvements in Bay Area leasing demand and a modest decrease in
interest rates have further spurred transaction volume and closure
of bid ask spreads.”
Philip Saglimbeni and IPA’s Stanford Jones, Salvatore Saglimbeni
and Alex Tartaglia represented the seller, Summerhill Apartment
Communities, and procured the buyer, Alliance Residential. Brian
Eisendrath, Cameron Chalfant and Jesse Zarouk of IPA Capital
Markets arranged five-year, 5.95% financing.
The property is close to the Lawrence and San Tomas Expressways,
State Routes 82, 85, and 87, Interstates 280 and 880, and U.S.
Highway 101. Caltrain, the Bay Area’s commuter rail line connecting
San Francisco and San Jose, is within a five-minute walk. The
western edge of Golden Triangle, Silicon Valley’s largest
employment center with over 1,500 businesses and 138,000 employees,
plus 22 million square feet of office space, is close by. Employers
nearby include Nvidia, Apple, Intel, PayPal, Netflix, eBay, Cisco,
Adobe, Samsung, and LinkedIn.
Completed in 2021, Prado has well designed one- and two-bedroom
floor plans with contemporary finishes and an average unit size of
843 square feet. Community amenities include an Olympic-sized pool
and spa, a two-story club-style fitness center, indoor and outdoor
resident lounges, a remote-work business center, game room, and
barbecue area. Apartments have hardwood-style flooring,
energy-efficient central heating and air conditioning,
front-loading washers and dryers, keyless entry system, walk-in
closets, and private patios and balconies.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offer customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information,
https://www.marcusmillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240318395156/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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