Updated Jan 29, 2025
MG Properties & Oaktree Capital Management Acquires Multifamily Property In San Jose & Milpitas For $513M
1501 Berryessa Road, San Jose, California 95131, United States
$513,000,000
Units
884
Asset Type
MultiFamily
Closing
Jul 28, 2022
About this deal
AI
The multifamily property located at 1501 Berryessa Road in San Jose and 312 Gates Drive in Milpitas has been sold in a recent transaction. The property consists of 884 units, with a per unit price of $580,316. The sale price for the property was $513,000,000.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $513,000,000
- Units: 884
- Price Per Unit: $580,316
MG Properties and Oaktree Capital Management were the buyers in this transaction. The sale was facilitated by the broker teams at Eastdil Secured and Institutional Property Advisors - Marcus & Millichap.
Players
San Jose 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
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93