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12/26/24
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In an institutional-level, end-of-year NoCal multifamily trade, Interstate Equities Corporation acquired Summerwood Apartments, a 468-unit multifamily property in Santa Clara, in a transaction valued at $203.15 mil, or $434k/unit. The community, located at 444 Saratoga Ave, was sold by DWS.
Summerwood Apartments is located near Downtown Santa Clara and features a mix of one- and two-bedroom garden-style apartments. On-site amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard, and a dog park.
The purchase was financed with an acquisition loan for $127.8 mil.Terms of the five-year loan include a 5.39% fixed interest rate with 35 years amortization and a loan-to-value of 65%.
Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia with Institutional Property Advisors (IPA) represented the seller and procured the buyer in the transaction. The IPA Capital Markets team of Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk secured the financing.
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