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Rreef Buys Summerwood for $105M

SANTA CLARA, CA-The 468-unit apartment complex, built in 1970, is a value-add opportunity for its new owner, Rreef America LLC.

By Brian K. Miller | Updated on September 11, 2006

(To read more on the multifamily market, click here.)

SANTA CLARA, CA-The 486-unit Summerwood Apartments here has changed hands for $105 million. Rreef America LLC acquired the garden-style property from Hoffman Associates. The sale closed 10 days ago.

The property was listed and sold by Bill Huberty, Matt Holmes and John Eichelberger of CB Richard Ellis’ Multi-Housing team. The brokerage firm describes Summerwood as a “highly attractive rehab opportunity” and says the $224,000 per-unit purchase price “sets a new watermark for the pricing of large assets of this vintage in Northern California.”

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