Federal Realty Investment Trust Sells 108-Unit Multifamily Building At Santana Row For $74 Million

The transaction involved the sale of a 108-unit multifamily asset located at 355 Santana Row in San Jose. The property achieved a sale price of $74,000,000, translating to a price per unit of $685,185. At the time of sale, the asset was 95% leased, indicating strong occupancy levels within the market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $74,000,000
• Units: 108
• Address: 355 Santana Row
• Market: San Jose
• Seller: Donald C. Wood & Jan Sweetnam - Federal Realty Investment Trust
• Broker: Will Purcell - Eastdil Secured

Donald C. Wood and Jan Sweetnam represented Federal Realty Investment Trust in this transaction, with Will Purcell acting as the broker from Eastdil Secured. The decision to sell aligns with the REIT's strategy to reallocate capital towards higher-return investments while retaining Santana Row as a core, high-performing asset.