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.
- ◦Sale/Acquisition