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IPA Closes $203M Santa Clara Apartment Deal for DWS
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale and financing of Summerwood Apartments, a 468-unit multifamily property located at 444 Saratoga Ave. in Santa Clara. The property sold for $203,150,000.
IPA executive managing directors Philip Saglimbeni, Stanford Jones and Salvatore Saglimbeni, and senior director Alexander Tartaglia represented the seller, DWS, and procured the buyer, Interstate Equities Corporation.
The Los Angeles-based IPA Capital Markets team of Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk secured $127,819,000 in agency financingfor Interstate Equities, a local real estate investment and management firm that primarily operates throughout California and Seattle. Terms of the five-year loan include a 5.39% fixed interest rate with 35 years amortization and a loan-to-value of 65%.
The property is located near Downtown Santa Clara, with a mix of one- and two-bedroom garden-style apartments. Onsite amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard, and a dog park.
- ◦Sale/Acquisition
- ◦Financing




