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California  + Bay Area  + Apartments  | 

Marcus & Millichap Arranges Sale, Financing on San Jose Apartments

Marcus & Millichap arranged the sale and financing of Rancho Verde Apartments, located at 127 Rancho Dr. in San Jose. The asset sold for $8,800,000. Marcus & Millichap Capital Corporation (MMCC) arranged the $5,850,000 acquisition financing. 

Eymon Binesh, first VP investments, worked with a private owner to market and sell the property. 

“At the time of sale, the property was 33% vacant and the buyer plans to complete substantial renovation in order to achieve market rents,” said Binesh. “The property transacted at a 6.25% market cap and 10 GRM.” 

Chad O’Connor, executive managing director, capital markets, based out of MMCC’s San Diego office, secured the bridge loan.  

Read More News Stories About: Marcus & Millichap
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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