Michael Sorochinsky And Chris Neighbor Acquire 5.9-Acre Development Site In San Jose From LBA Realty

The property involved in this transaction is a 5.9-acre development site located at 3550 North 1st Street in the San Jose market. The site is currently a vacant office property and is planned for redevelopment into 446 total homes, which includes a mix of affordable and market-rate housing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: Under Contract
• Address: 3550 North 1st Street
• Market: San Jose, CA
• Acres: 5.9
• Buyer: Michael Sorochinsky - Cypress Equity Investments
• Buyer: Chris Neighbor - SummerHill Homes
• Seller: LBA Realty

Michael Sorochinsky of Cypress Equity Investments and Chris Neighbor of SummerHill Homes are the buyers involved in this deal. They are working towards transforming the site into 373 affordable apartments targeted at 60% AMI and 73 market-rate townhomes, addressing the increasing housing demand in Silicon Valley.