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

Property Image
SOLD
$143,500,000
Peter Nicoletti
Sherman Kwek
Will Matthews
+ 1

California

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MultiFamily
Sold 11/21/2025
the dealplayerscompscontact
Property Image
SOLD

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

1250 Lakeside Drive

See Similar Deals
MultiFamily
Sold 11/21/2025
Peter Nicoletti
Sherman Kwek
Will Matthews
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

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:

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.

Players

Peter Nicoletti
Colliers
Peter Nicoletti
10 deals$817.2M volume
BROKER
Will Matthews
Colliers
Will Matthews
1 deal$143.5M volume(404) 275-2674
BROKER
Mike Kidd
Colliers
Mike Kidd
1 deal$143.5M volume(404) 978-2328
BROKER
Colliers
Colliers
BROKERAGE
Sherman Kwek
City Development Limited
Sherman Kwek
1 deal$143.5M volume
SELLER
City Development Limited
City Development Limited
SELLER

Details

SOLD
IMAGE: Sherman Kwek, Will Matthews, Peter Nicoletti & Mike Kidd DATE: 11/21/2025 ADDRESS: 1250 Lakeside Drive MARKET: Sunnyvale ASSET TYPE: Multifamily SELLER: Sherman Kwek - City Development Limited (@CityDevelopments) BROKERS: Will Matthews, Peter Nicoletti & Mike Kidd - Colliers (@ColliersInternational) SALE PRICE: $143,500,000 UNITS: 250 ~ PPU: $574,000 NOTE: City Development Limited sold 250 multifamily units at 1250 Lakeside Drive in Sunnyvale for $143.5 million to an American institutional investor. Colliers brokers Will Matthews, Peter Nicoletti, and Mike Kidd handled the transaction, which allows CDL to reduce leverage and redeploy capital.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$7,653,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$509,825.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$680,263.21
Annual Debt Service$8,163,158.52