$21M Buys 138-Unit Morgan Hill Apts.

MORGAN HILL, CA-Morgan Hill Apts., a 138-unit garden-style apartment property here, has changed hands for $21 million. The new owner is Palo Alto-based CM Winprop and CM St. Corp. The seller was a Southern California-based institutional investor.

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.