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Marshall Boyd & Julia Boyd Corso Acquire Atrium Garden Apartments In San Jose For $18.5M

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SOLD
$18,500,000
JC
Marshall Boyd

California

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MultiFamily
Sold 10/23/2025
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Property Image
SOLD

Marshall Boyd & Julia Boyd Corso Acquire Atrium Garden Apartments In San Jose For $18.5M

1536 Kerley Drive

See Similar Deals
MultiFamily
Sold 10/23/2025
JC
Marshall Boyd
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The 160-unit Atrium Garden Apartments, located at 1536 Kerley Drive in San Jose, was sold for $18.5 million, equating to approximately $115,530 per unit. This multifamily asset, built 25 years ago, is situated near San Jose Mineta International Airport and sold significantly lower than the county's five-year average price per unit of $458,000, as indicated by CBRE data.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $18,500,000
  • Units: 160
  • Price Per Unit: $115,625
  • Buyer: Marshall Boyd & Julia Boyd Corso - Interstate Equities

The acquisition was represented by Interstate Equities, a key player in this transaction that reflects the current multifamily market dynamics in San Jose. The complex's sale comes at a time when multifamily properties are being evaluated closely amid changing financial landscapes.

Players

JC
Interstate Equities Corp.
Julia Boyd Corso
4 deals$80M volume
BUYER
Marshall Boyd
Interstate Equities Corp.
Marshall Boyd
9 deals$790.2M volume
BUYER
Interstate Equities Corp.
Interstate Equities Corp.
BUYER

Details

SOLD
IMAGE: Marshall Boyd & Julia Boyd Corso DATE: 10/23/2025 ADDRESS: 1536 Kerley Drive MARKET: San Jose ASSET TYPE: Multifamily BUYER: Marshall Boyd & Julia Boyd Corso - Interstate Equities SALE PRICE: $18,500,000 UNITS: 160 ~ PPU: $115,625 NOTE: Interstate Equities acquired the 160-unit Atrium Garden Apartments at 1536 Kerley Drive in San Jose for $18.5 million, or about $115,530 per unit. The 25-year-old complex, located near San Jose Mineta International Airport, sold well below the county’s five-year average of $458,000 per unit, according to CBRE data.

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

$986,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$65,726.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$87,699.44
Annual Debt Service$1,052,393.26