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MG Properties Buys Milpitas Luxury Apartments for $193M

MG Properties Buys Milpitas Luxury Apartments for $193M

Institutional Property Advisors (IPA), a division of Marcus & Millichap has arranged the sale of Eleanor, a newly constructed, 333-unit Class-A multifamily property in Milpitas, CA to San Diego-based MG Properties. The complex includes over 10,000 square feet of retail space and sold for $193 million or $579,580 per unit.

IPA’s executive managing director Philip Saglimbeni, who represented the seller SummerHill Apartment Communities, said in a news release, “Eleanor is minutes from the Golden Triangle, Silicon Valley’s largest employment center with over 1,400 technology companies. We received significant interest in the property given its high-quality construction, strong renter demographics and proximity to major employment corridors.”

Eleanor features a modern setting with large concept one- and two-bedroom floor plans and high-end finishes. The complex is a five minute walk from the recently constructed Milpitas Transit Center which offers BART and VTA Light Rail services.

Read More News Stories About: Marcus & Millichap
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MG PropertiesPhilip SaglimbeniEleanor Milpitas

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
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