Alliance Residential, a company based in Arizona, has recently acquired the Prado apartment complex in Santa Clara for $125 million. The property consists of 251 units and was developed by Summerhill Homes Apartment Communities from San Ramon.
At the time of purchase, Alliance Residential also secured a loan worth $73.5 million from Athene Annuity and Life Co., an Iowa-based company. The Prado apartments are located at 3560 Rambla Pl., near Lawrence Expressway and Kifer Road, with construction completed in 2021.
The average price per unit for this deal was $498,008. According to the Mercury News’ report on recent sales of larger multifamily properties in Silicon Valley, it appears that apartment values have decreased compared to previous years due to inflation and rising interest rates.
