$125 Million Silicon Valley Multifamily Asset Sale and Financing Brokered by Institutional Property Advisors
Marcus & Millichap, Inc. (MMI)
Last marcus & millichap, inc. earnings: 2/20 04:04 pm
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Source: Business Wire
SANTA CLARA, Calif.--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Prado, a 251-unit multifamily asset in Santa Clara, California. The property traded for $125 million, or $498,008 per unit. IPA Capital Markets arranged $73.5 million in acquisition financing.“Prado is one of Silicon Valley’s newest luxury communities, with an ideal combination of lifestyle amenities and proximity to the region’s major employers,” said Philip Saglimbeni, IPA executive managing director. “Investor demand for quality assets in supply-constrained markets is on the rise, as demonstrated by high engagement levels on listing assignments. Moreover, recent improvements in Bay Area leasing demand and a modest decrease in interest rates have further spurred transaction volume and closure of bid ask spreads.”Philip Saglimbeni and IPA’s Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia represented the seller, Summerhill A
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MMI
Sec Filings
- 3/22/24 - Form ARS
- 3/22/24 - Form DEFA14A
- 3/22/24 - Form DEF
- MMI's page on the SEC website