Alhambra Gardens Apartments in Santa Clara has traded hands for the first time since its original construction in 1963. Alhambra Gardens is a 62-unit apartment complex situated across thirteen parcels located close to the Sunnyvale border. The property is a short walk from NVIDIA’s world headquarters, and minutes from nearly 1 million square feet of dining and shopping amenities.
The seller in the transaction was a private family who had originally built the property in the early 1960’s, and the buyer was an entity affiliated with Crown Capital, based in San Francisco.
The property sold at the beginning of 2022 for $29,000,000, representing a price per unit of approximately $468,000. The sale was arranged by the Colliers Northern California Capital Markets Multifamily team of Matt Flaherty, Ryan Wagner, Brandon Geraldo and Matt Kroger. “The story of the post-Covid resurgence in Silicon Valley resonated strongly with investors both locally and nationally, and we anticipate that the return to the office in 2022 will further expedite this rebound. There is still substantial capital ready for deployment into multifamily assets in core Bay Area locations”, according to Ryan Wagner.
Comprising almost three acres, Alhambra Gardens sits equidistant from Apple’s and Linkedin’s Global Headquarters. The world’s most prominent technology companies are embedded in the office submarket – Nvidia, Intel, Amazon, Applied Materials.
According to Matt Flaherty, “Alhambra Gardens was one of the most desirable offerings presented to the Northern California market in late 2021. Interest in the property was enormous and driven in large part by the low-density nature of the asset as well as the opportunity to acquire a trophy asset that had never been placed on the open market for sale.”
Units at the property had been tastefully maintained by the previous owner. The property was primarily two-bedroom and three-bedroom floorplans offering sizeable patios and balconies. According to the team at Colliers, the average occupancy at the asset during the past 18 months has hovered in the mid 90% range, and the property was in excellent condition with mostly original interiors.
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