Madhavan LTCSJP1 LLC Purchases Multifamily Asset At 1953 Via Reggio Court For $18.9M

The 54,000-square-foot Lakewood Court Apartments, located at 1953 Via Reggio Court in San Jose, was recently sold for $18.9 million. The property, encompassing 1.6 acres, features 48 units priced at $393,750 per unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $18,900,000
• Units: 48
• Price Per Unit: $393,750
• Square Footage: 54,000
• Price Per Square Foot: $350
• Buyer: Madhavan LTCSJP1 LLC
• Seller: Matt Sridhar & Joe Nigos, Jr. - Sridhar Equities
• Brokerage: Marcus Millichap
• Brokers: Eymon Binesh, Adam Levin, Robert Johnston, & Mark Kis

As part of the transaction, Sridhar Equities, which sold the property, had previously invested $900,000 in upgrades before the sale. The new owner is expected to continue operating the complex as apartments while Sridhar Equities prepares to acquire a multifamily property in Mountain View.