The Bay Area’s multifamily market has seen a significant amount of investment activity throughout the course of the year, and recent deals indicate that it is unlikely to slow down soon. In a deal that closed on Oct. 24, Pacific Urban purchased a 110-unit apartment building in Santa Clara for $50.7 million, or about $460,909 per unit. The seller in the transaction was Prometheus Real Estate Group, according to the Mercury News, which first reported the sale.
Located at 3760 and 3765 Tamarack Lane, Montecito Apartments was built in 1970 and includes a mix of one- and two-bedroom units. According to Apartments.com, units range from 765 to 1,020 square feet while rental rates at the property range from $2,787 to $3,400 per month.
The property also features various community amenities, such as a swimming pool, fitness center with fitness classes, a courtyard and more.
The apartment complex is located in the western portion of Santa Clara, bordering Sunnyvale’s Ponderosa Park neighborhood. The property is within close proximity to a variety of shopping and dining options and is also closely situated to the Lawrence Expressway and State Route 82.
The Santa Clara apartment community adds to several other large investments made by Pacific Urban in the Bay Area this year. In May, the Palo Alto-based investment company also purchased a 246-unit apartment complex in Fremont. According to previous reporting from The Registry, the Pathfinder Village Apartments – located at 39800 Fremont Boulevard – were sold to Pacific Urban by Aimco Properties for $127 million, or about $516,260 per unit.
In addition, the company closed on the 108-unit Hayden Apartments in Martinez on March 30. Located at 486 Morello Ave., the property was sold by Los Angeles-based Benedict Canyon Equities for $41.5 million, or roughly $384,259 per unit.
Overall, Pacific Urban maintains an apartment portfolio across the United States in locations like the Bay Area, Los Angeles, Seattle, Irvine, Denver, Manhattan and Washington D.C. The company was founded in 1998 and has since invested more than $8 billion into its multifamily portfolio. In total, the company has invested in approximately 200 apartment communities and has provided housing for nearly 20,000 residents, according to its website.