Updated Nov 26, 2025
City Development Limited Sells 250 Units Multifamily At 1250 Lakeside Drive For $143.5M
1250 Lakeside Drive
$143,500,000
Units
250
Asset Type
MultiFamily
Closing
Nov 21, 2025
About this deal
AI
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.
On the Map
$143,500,000
MultiFamily
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Players
Sunnyvale MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93