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10/11/24
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Here’s news of a large multifamily trade in Silicon Valley, Ascend Apartments, a 266-unit multifamily community in Milpitas, was acquired by Pacific Urban Investors in a recent off-market transaction said to be worth about $109 mil ($410k/unit).
Located at 1821 S. Milpitas Blvd in Santa Clara County, the property was built in 2021. It has been rebranded as The Harlowe.
The property features studio, one-, and two-bedroom floorplans, manicured courtyards and a rooftop terrace with a skyline swimming pool and spa and a fitness center with an outdoor yoga lounge. The community is conveniently situated across from the Milpitas BART and VTA Light Rail station.
CBRE’s Keith Manson of CBRE represented the buyer in the deal.
According to CBRE national research, the overall multifamily vacancy rate remained unchanged at 5.5% in Q2 2024. During the same quarter, demand outpaced new deliveries, indicating that the vacancy rate should begin to fall toward its long-run average of 5.0% in subsequent quarters.
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