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5/15/23
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Ranchero Palms, a 61-unit multifamily community in San Jose, traded hands for $15.38 mil, or $252k/unit. The property is located at 1175 Ranchero Way, west of San Tomas Expwy and south of I-280.
Ranchero Palms has 45 one-bedroom units and 16 two-bedroom units, as well as 93 parking spaces. The property had been extensively renovated over the last several years. Renovations included a new entry way, new railings and stairways, electrical sub-panels in every unit and upgraded main electrical service.
Keith Manson, Zachary Greenwood and Mac Watson with CBRE represented both the buyer and seller in the deal. According to Manson, the buyer was able to step into a value-add asset that received major renovations by the previous owner and offered vacant units to be remodeled by the new owner to lease up to qualified tenants on their own timeline.
Multifamily rents remain well-below average mortgage payments, according to CBRE Research. San Jose has the largest ownership premium among U.S. markets, outpacing the premium of the broader San Francisco Bay Area.
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