Marcus & Millichap, a leading commercial real estate firm, recently announced the successful sale of Moreland Apartments in San Jose. The 160-unit affordable housing asset, located at 4375 Payne Ave., was sold for $71 million at a rate of $443,750 per unit.
The transaction was facilitated by Mitchell Zurich and his team from Marcus & Millichap’s Palo Alto office. They represented the seller – who originally developed the property – and also secured the buyer.
According to Zurich, this is the first time that Moreland Apartments has been on the market since its construction in 1982. The property boasts a Project-Based Section 8 Housing Assistance Payments contract for all units until July 2029.
Situated just minutes away from Downtown San Jose, Moreland Apartments features eight two-story residential buildings and one single-story office/amenities building spread across an eight-acre parcel. The apartments offer one- and two-bedroom options with sizes ranging from 620 to 850 square feet while three-bedroom townhouse units are sized at approximately1 ,150 square feet.
This recent sale highlights strong demand for affordable housing assets in San Jose’s thriving real estate market.
