Marcus & Millichap Closes $71 Million Affordable Housing Asset Sale in Silicon Valley
18 7월 2024 - 12:01AM
Business Wire
Marcus & Millichap (NYSE: MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today the sale of
Moreland Apartments, a 160-unit affordable housing asset in San
Jose, California. The property sold for $71 million, or $443,750
per unit.
“On the market for the first time since it was developed in
1982, the property has a Project-Based Section 8 Housing Assistance
Payments contract for all units that runs through the end of July
2029,” said Mitchell Zurich, senior managing director investments
in Marcus & Millichap’s Palo Alto office. Zurich, and Marcus
& Millichap’s Kirk Trammell, David Cutler, and Joshua Johnson
represented the seller, the original developer of the property, and
procured the buyer.
Moreland Apartments is a short drive from Downtown San Jose. The
Plaza shopping center and Maple Leaf Plaza are nearby. The property
is a garden-style community composed of eight two-story residential
buildings and one single-story office/amenities building on an
eight-acre parcel. The apartments have one- and two-bedrooms and
are 620 and 850 square feet in size, respectively, and the
three-bedroom townhouse units are 1,150 square feet. Amenities
include a community room, three laundry rooms, a children’s
playground, and carports.
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, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717566438/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com 510-999-1284
Marcus and Millichap (NYSE:MMI)
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