IPA Capital Markets, a division of Marcus & Millichap that specializes in providing capital markets services to major private and institutional clients, has successfully arranged $44.3 million in government agency financing for the acquisition of The James Apartments. This 190-unit multifamily asset is located in San Jose and was purchased by an undisclosed buyer.
According to Brian Eisendrath, executive director at IPA Capital Markets, the strong multifamily fundamentals of San Jose were a key factor in attracting lenders for this deal. He also mentioned that the city currently boasts the lowest vacancy rate among all cities within the San Francisco Bay Area.
Eisendrath worked alongside Cameron Chalfant (senior director) and Jake Vitta (managing director) from IPA to secure a seven-year interest-only loan with a loan-to-value ratio of 60% on behalf of their client.
The James Apartments is situated within Downtown San Jose’s Historic District and offers convenient access to popular destinations such as San Pedro Square, San Jose State University, and public transportation options. The property was completed just last year (2020).
