Santa Clara Apartments Fetch $125M in Sale to AZ Buyer

(Updated with additional information)

The Prado apartment complex in Santa Clara has sold for $125 million, reported the Mercury News. Alliance Residential acquired the 251-unit property from San Ramon-based Summerhill Homes Apartment Communities, which developed the Prado apartments,.

Arizona-based Alliance Residential also obtained a $73.5-million loan from Iowa-based Athene Annuity and Life Co. at the time of the purchase, according to the Mercury News. Located at 3560 Rambla Pl. near the intersection of Lawrence Expressway and Kifer Road, the Prado was built in 2021.

The team of Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, 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 per-price unit for the Prado deal was $498,008. Comparing the Prado sale with some other recent deals for larger Silicon Valley multifamily properties, the Mercury News reported that values for apartments appear to be trending lower than the purchase levels that were common before the spikes in inflation and interest rates in the past year or two.

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