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San Jose Affordable Fetches $71M in First Time on the Market
Marcus & Millichap closed the sale of Moreland Apartments, a 160-unit affordable housing asset at 4375 Payne Ave. in San Jose. The property sold for $71 million, or $443,750 per unit.
Mitchell Zurich, senior managing director investments in Marcus & Millichap’s Palo Alto office, and his colleagues Kirk Trammell, David Cutler and Joshua Johnson represented the seller, the original developer of the property, and procured the buyer.
“On the market for the first time since it was developed in 1982, the property has a Project-Based Section 8 Housing Assistance Payments contract for all units that runs through the end of July 2029,” said Zurich.
Located a short drive from Downtown San Jose, Moreland Apartments is a garden-style community composed of eight two-story residential buildings and one single-story office/amenities building on an eight-acre parcel. The apartments have one- and two-bedrooms and are 620 and 850 square feet in size, respectively, and the three-bedroom townhouse units are 1,150 square feet.
- ◦Sale/Acquisition
