Marcus & Millichap has brokered a $71 million sale of an apartment complex in California.
Moreland Apartments, located at 550 Moreland Way in San Jose, is comprised of 160 units. The cost comes out to $443,750 per.
The property features eight two-story buildings, as well as a one-floor property on an eight-acre parcel, which contains office space and amenities. The one and two-bedroom apartments measure out to be 620 and 850 square feet, respectively. Additionally, there are three-bedroom townhouse options available, coming out to 1,150 square feet.
The complex also comes with a children’s playground, carports, three laundry rooms, and a community area. Plus, the property is close to Maple Leaf Plaza and the Plaza shopping center.
“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,” Mitchell Zurich, senior managing director of investments for Marcus & Millichap’s Palo Alto office, said in a statement.
Neither the seller nor the buyer were listed by Marcus & Millichap. But the company’s David Cutler, Joshua Johnson, Zurich, and Kirk Trammell, all represented the seller and obtained the buyer.
GlobeSt has reached out to Marcus & Millichap for comment.