City Development Limited Sells 250 Units Multifamily At 1250 Lakeside Drive For $143.5M

1250 Lakeside Drive is a multifamily asset located in Sunnyvale, comprising 250 units. The property was sold for $143.5 million, resulting in a price per unit of approximately $574,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $143,500,000
• Units: 250
• Price Per Unit: $574,000
• Seller: Sherman Kwek - City Development Limited
• Brokers: Will Matthews, Peter Nicoletti & Mike Kidd - Colliers

This transaction allowed City Development Limited to reduce its leverage and redeploy capital. The involvement of Colliers brokers Will Matthews, Peter Nicoletti, and Mike Kidd emphasizes their significant role in facilitating the sale to an American institutional investor.