Menu
sharewise sharewise
Log in
Sign up
Log in
Sign up
Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Marcus & Millichap Closes $71 Million Affordable Housing Asset Sale in Silicon Valley

BusinessWire_EN 
0 0 17.07.24
Marcus & Millichap Closes $71 Million Affordable Housing Asset Sale in Silicon Valley : https://mms.businesswire.com/media/20201123006309/en/682345/5/MM_logo_288_300_whitebg.jpg
 

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717566438/en/

Marcus & Millichap Inc Stock

€34.40
-


Show more
Like: 0
Share
BusinessWire_EN 
Business Wire, a Berkshire Hathaway company, is the global leader in press release distribution and regulatory disclosure. Investor relations, public relations, public policy and marketing professionals rely on Business Wire for secure and accurate distribution of market-moving news and multimedia.

Legal notice

Comments

Not a member yet? Sign up for free!