Home News Santa Clara half-century-old apartment complex lands Bay Area buyer

Santa Clara half-century-old apartment complex lands Bay Area buyer

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SANTA CLARA — Investors buy Santa Clara mega-family homes for more than $50 million in a deal that shows continued interest in the Bay Area residential real estate market despite economic uncertainty Did.

Montecito Apartments were purchased by an affiliate of Pacific Urban Investors for $50.7 million, according to documents filed with the Santa Clara County Records Department on October 24.

According to public property records, this 110-unit multifamily home is located at 3760 and 3765 Tamarac Lane in Santa Clara.

Palo Alto-based Pacific Urban also received a $31.8 million loan from Comerica Bank for the purchase of the apartment, according to county documents.

San Mateo-based Prometheus Real Estate Group has sold its Montecito apartment to Pacific Urban. According to the Apartments.com website, the apartment complex was built in 1970.

The deal suggests that various types of investors still have a strong appetite for multifamily housing in the area.

Notable recent purchases in the South and East Bays include:

— On October 11, FPA Multifamily paid $134.8 million for three San Jose apartment properties totaling 415 units.

— On October 7, a group associated with Zurich property management paid $53 million for the 93-unit Santana Terrace apartment complex in Santa Clara.

— In September 2022, Stanford University, through an unnamed affiliate, engaged in a complex series of transactions to purchase 759 properties known as Oak Creek Apartments in Palo Alto. The university purchased apartments adjacent to the university as a way to quickly increase the supply of undergraduate housing.

In September 2022, Arroyo Residences, a 100-unit multifamily home in Walnut Creek, was purchased by real estate investment firm Rockwood for $66 million.

— In August 2022, an 18-story, 178-unit multifamily home near downtown Oakland was purchased by FPA Multifamily for $55.5 million.

— In August 2022, the 94-unit McClellan Terrace complex in Cupertino was purchased by Prometheus Real Estate Group for $52 million.

— In July 2022, the 551-unit Platform Urban Complex was purchased for $320 million by a joint venture led by MG Properties and Oaktree Capital Management.

— In the same month, the 333-unit Eleanor Apartments in Milpitas were purchased by MG Properties for $193 million.

— In May 2022, Pacific Urban paid $127 million for Pathfinder Village Apartments in Fremont.

The new owner of Montecito Apartments in Pacific Urban Santa Clara describes himself as a seasoned multi-state apartment investor.

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