Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Summerwood Apartments, a 468-unit multifamily property in Santa Clara, California.
The property sold for $203,150,000, and IPA Capital Markets secured $127,819,000 in agency financing for the buyer, Interstate Equities Corporation. The five-year loan includes a 5.39% fixed interest rate with 35 years amortization and a loan-to-value of 65%.
This transaction marks a significant investment in Silicon Valley, with the asset's strong leasing performance and improving market conditions positioning it as a valuable addition to the buyer's portfolio. The integrated approach of IPA in both sales and financing demonstrates its comprehensive service capabilities.
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