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Joseph Michaels Of Las Palmas Housing And Paul Odland Of Belveron Partners Acquire Santa Clara Multifamily For $51.7M

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SOLD
$51,700,000

California

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MultiFamily
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SOLD

Joseph Michaels Of Las Palmas Housing And Paul Odland Of Belveron Partners Acquire Santa Clara Multifamily For $51.7M

3760 Tamarack Lane

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MultiFamily
Sold
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

A 114-unit multifamily property located at 3760-3765 Tamarack Lane in Santa Clara was sold for $51.7 million on December 23, 2025. The asset features amenities including a pool and fitness center, and is part of a transaction focused on affordable housing. The property, known as Montecito Apartments, is 55 years old and has a price per unit of $453,509.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $51,700,000
  • Units: 114
  • Buyer: Joseph Michaels - Las Palmas Housing; Paul Odland - Belveron Partners
  • Seller: Alfred Pace - Pacific Urban Investors

The buyers, Joseph Michaels and Paul Odland, represent Las Palmas Housing and Belveron Partners, respectively, while the seller, Alfred Pace, represented Pacific Urban Investors. This transaction marks a significant move towards enhancing affordable housing options in the region.

Players

BP
Belveron Partners
BUYER
Alfred Pace
Pacific Urban Investors
Alfred Pace
11 deals$1.2B volume
SELLER

Details

SOLD
IMAGE: Paul Odland & Alfred Pace DATE: 12/23/2025 ADDRESS: 3760-3765 Tamarack Lane MARKET: Santa Clara ASSET TYPE: Multifamily BUYER: Joseph Michaels - Las Palmas Housing; Paul Odland - Belveron Partners SELLER: Alfred Pace - Pacific Urban Investors SALE PRICE: $51,700,000 UNITS: 114 ~ PPU: $453,509 NOTE: An 114‑unit Santa Clara property, Montecito Apartments, sold for $51.7 million on Dec. 23 to an affiliate of Las Palmas Housing and Belveron Partners, according to county records. The 55-year-old complex, sold by Pacific Urban Investors, includes amenities like a pool and fitness center, and the transaction aligns with the buyers’ focus on affordable housing.

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

$2,757,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$183,679.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$245,084.38
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