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Joseph Sherman Acquires 160-Unit Moreland Apartments In San Jose For $71M

Property Image
SOLD
$71,000,000

California

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MultiFamily
Sold 06/14/2024
the dealplayerscompscontact
Property Image
SOLD

Joseph Sherman Acquires 160-Unit Moreland Apartments In San Jose For $71M

4375 Payne Avenue

See Similar Deals
MultiFamily
Sold 06/14/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The 160-unit Moreland Apartments located at 4375 Payne Avenue in San Jose was sold for $71 million. The sale price translates to $443,750 per unit, making it one of the recent Bay Area apartment deals.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $71,000,000
  • Buyer: Joseph Sherman - Reliant Group
  • Lender: Citibank & Reliant Cap X
  • Units: 160
  • Price Per Unit: $443,750

Joseph Sherman, representing Reliant Group, successfully acquired the Moreland Apartments in San Jose for $71 million. The financing for the transaction was secured through Citibank and Reliant Cap X.

Players

Citibank
Citibank
LENDER
RX
Reliant Cap X
LENDER

Details

SOLD
IMAGE: Joseph Sherman DATE: 06/14/2024 ADDRESS: 4375 Payne Avenue MARKET: San Jose ASSET TYPE: Multifamily BUYER: Joseph Sherman - Reliant Group LENDER: Citibank (@CitiBank) & Reliant Cap X SALE PRICE: $71,000,000 UNITS: 160 ~ PPU: $443,750 NOTE: Reliant Group acquired the 160-unit Moreland Apartments in San Jose for $71 million, securing $73.9 million in financing. The $433,750 per unit price is on the lower end of recent Bay Area apartment deals.

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