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July 24, 2024
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Bay Area Res Community Trades in $193 Mil Deal


MG Properties acquired Eleanor Apartments, a 333-unit community in the Bay Area city of Milpitas, for $193 mil, or $580k/unit. The property is located at 312 Gates Dr, just north of Montague Expy about midway between I-880 and I-680.

Completed in 2021, the property includes 10k sf of ground floor retail. The modern units feature open concept layouts, well-equipped kitchens, LATCH Keyless entry systems and generous closets. Common area amenities include a wi-fi café, a club-style fitness center, resort-style pool with spa and hot tub, and EV vehicle charging stations. Residents can easily access a variety of walkable dining and entertainment options surrounding the property.

The sellers, SummerHill Apartment Communities, The Resmark Companies, and Kennedy Wilson, were represented by Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni, and Alexander Tartaglia from Institutional Property Advisors. Financing was provided by Fannie Mae and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.

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