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Sobrato Family Foundation Acquires Normandy Park Apartments And Richard Tod Spieker Buys Vista Point Apartments In Santa Clara For $75.6M

Property Image
SOLD
$75,600,000

California

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MultiFamily
Sold 05/25/2023
the dealdetailscomps
Property Image
SOLD

Sobrato Family Foundation Acquires Normandy Park Apartments And Richard Tod Spieker Buys Vista Point Apartments In Santa Clara For $75.6M

3455 Homestead Road Santa Clara, California 95051, Usa

See Similar Deals
MultiFamily
Sold 05/25/2023
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The Normandy Park Apartments and Vista Point Apartments, two Santa Clara apartment complexes built in the 1960s, have been sold for a total of $75.6 million. The Sobrato Family Foundation purchased Normandy Park Apartments for $49.5 million, while Richard Tod Spieker of Windy Hill Property Ventures acquired Vista Pointe Apartments for $26.1 million. The transactions reflect the continued investor interest in the apartment sector.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $75,600,000
  • Units: 208
  • Price per unit: $363,462
  • Address: 48 - 50 Washington Street & 3455 Homestead Road
  • Market: Santa Clara

The Sobrato Family Foundation and Richard Tod Spieker of Windy Hill Property Ventures are the buyers in this transaction. The sellers are Cambridge Property Management and Milton Levin. These prominent Bay Area real estate players have shown their interest in acquiring these well-established apartment complexes in Santa Clara.

Players

SF
Sobrato Family Foundation
BUYER
WV
Windy Hill Property Ventures
BUYER

Details

SOLD
IMAGE: 05/25/2023 ADDRESS: 48 - 50 Washington Street & 3455 Homestead Road MARKET: Santa Clara ASSET TYPE: Multifamily BUYER: Sobrato Family Foundation; Richard Tod Spieker - Windy Hill Property Ventures SELLER: Cambridge Property Management - Milton Levin SALE PRICE: $75,600,000 UNITS: 208 ~ PPU: $363,462 NOTE: Normandy Park Apartments and Vista Point Apartments, two Santa Clara apartment complexes built in the 1960s, were recently acquired for a total of $75.6 million by prominent Bay Area real estate players. The transactions reflect continued investor interest in the apartment sector, with the Sobrato Family Foundation purchasing Normandy Park Apartments for $49.5 million and Richard Tod Spieker of Windy Hill Property Ventures acquiring Vista Pointe Apartments for $26.1 million.

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

$4,032,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$268,590.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$358,382.57
Annual Debt Service$4,300,590.83