Richard and Catherine Spieker have acquired a multifamily property located at 1175 Ranchero Way in San Jose. The property was purchased for a total of $15 million from the seller, Gagliardi Brothers. This transaction marks a departure from the Spiekers' recent trend of selling properties in the South Bay area. The multifamily property consists of 61 units, with an average price per unit of $245,902.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $15,000,000
• Address: 1175 Ranchero Way, San Jose
• Buyer: Catherine Spieker; Richard “Tod” Spieker - Spieker Companies
• Seller: Gagliardi Brothers
• Units: 61
• Price per Unit: $245,902

The acquisition of this multifamily property by Richard and Catherine Spieker, with representation by Spieker Companies, comes at a time when average rents in San Jose have seen a 6.1 percent increase. This surge in rental demand has made multifamily properties highly desirable, especially as mortgage payments across the nation surpass apartment rents.