In a successful transaction, Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the sale and financing of Summerwood Apartments. This multifamily property, located at 444 Saratoga Ave. in Santa Clara, was sold for $203,150,000.
The seller was represented by IPA executive managing directors Philip Saglimbeni and Stanford Jones along with Salvatore Saglimbeni and senior director Alexander Tartaglia. The buyer was procured by Interstate Equities Corporation.
Interstate Equities is a local real estate investment and management firm based in Los Angeles that primarily operates throughout California and Seattle. They were able to secure $127,819000 in agency financing through the efforts of IPA Capital Markets team members Brian Eisendrath,Cameron Chalfant,Jake Vitta,and Jesse Zarouk.The terms of this five-year loan include a fixed interest rate of 5.39%,a 35-year amortization period,and a loan-to-value ratioof65%.
Summerwood Apartments offers an ideal location near Downtown Santa Claraand features one- and two-bedroom garden-style apartments.Onsite amenitiesincludea pool,a clubhouse,a fitness center,a volleyball court,s sauna,courtyard,and even adog parkfor residents to enjoy.
This significant deal showcases the expertiseof IPAin facilitating complex transactions for their clients.It also highlightsthe strong demand for multifamily propertiesin desirable locations likeSanta Clara.Congratulations to all parties involved on this successful sale!
