USA Properties Funds Sells 92-Unit Santana Terrace in Santa Clara for $53MM

USA Properties Funds, Santana Terrace, Santa Clara, Santana Row, Westfield Valley Fair, Pruneridge Golf Course, Caltrain, San Jose, Zurich Alternative Asset Management

By Kate Snyder

Though much of the recent sales activity in Santa Clara has come from commercial or technology deals, multifamily real estate continues to garner plenty of interest as well. In a recent deal, a 92-unit apartment complex in Santa Clara was sold for $53 million – approximately $576,086 per unit – earlier this month, according to public records. The seller was USA Properties Fund and the buyer was listed as an entity affiliated with Zurich Alternative Asset Management.

The property is located at 190 N. Winchester Blvd. Nearby attractions include shops, grocery markets, pharmacies and parks, according to the property’s website. Directly south is Santana Row and Westfield Valley Fair and directly west is Pruneridge Golf Course. The complex is located near essential mass transit systems and major commuting corridors including Caltrain, VTA light rail and bus lines, Interstates 280, 880, and 680, U.S. Highway 101, and State Routes 85, 87, and 17. Downtown San Jose is also only 10 minutes from the complex.

The five-story building was constructed in 2020 on a 1.86-acre site, according to property records. In total, the building is approximately 116,716 square feet.

Santana Terrace offers open-concept, one- and two-bedroom homes with amenities like stainless steel appliances, hardwood-style flooring, modern cabinetry, a keyless entry system, and private balconies with storage, according to the property’s website. Other amenities include a clubroom lounge with a kitchen, a game room, conference and business rooms, a resort-style swimming pool with lounge areas, garden courtyards and a rooftop terrace. Additionally, Santana Terrace offers EV charging station parking.

USA Properties Fund is based in Roseville and was founded in 1981, according to the firm’s website. Its teams are described as “dedicated to developing, building and managing multifamily communities.”

Based in New York, Zurich Alternative Asset Management was formed in 2006 and is a subsidiary of Zurich Insurance Group, according to the company’s website.

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