Located at 16945 Del Monte Ave., the 6.8-acre property holds 11 one- and two-story buildings constructed in 1989. The complex collected more than 94% of scheduled rents in 2003. It was 95% leased at the close of escrow, which is above market.
The apartment property totals 112,987 rentable sf. The unit mix includes 58 one-bedroom/one-bath units and 79 two-bedroom/two-bath units. The purchase price translates to $185 per sf and $151,304 per unit.
Stanford Jones, senior director of Marcus & Millichap's National Multi Housing Group, had the exclusive listing to market the Silicon Valley property on behalf of the seller. Jones was not immediately available for comment. The name of the buyer's broker was unavailable.
According to RealFacts, a Novato, CA-based multifamily research firm, average occupancy at the three properties it tracks in Morgan Hill is 93.7%. The average rent of those three properties is $1,333, one of the highest average rental rates in the Silicon Valley.
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