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1/26/26
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A joint venture between Interstate Equities Corporation and PGIM, the global investment management business of Prudential Financial Inc, has acquired four multifamily properties totaling 574 units in Seattle and the San Francisco Bay area markets of Mountain View, Redwood City and Sunnyvale. The purchase was financed with a $201.5 mil loan package provided by Mesa West Capital.
All four properties are located in prime infill neighborhoods with strong multifamily market fundamentals. Both the San Francisco Bay Area and Seattle benefit from dynamic tech employment hubs that drive economic and job growth.
The buyers’ business plan includes implementing targeted capital improvement programs across the portfolio, aiming to unlock rental upside driven by sustained demand and limited supply.
The financing was arranged by Eastdil Secured.
According to CBRE research looking at markets for tech talent across the United States and Canada, the San Francisco Bay Area and Seattle ranked at the top. From 2021 to 2024, the tech work force grew by 10% in the San Francisco Bay Area and 5.1% in Seattle.
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