The Moreland Apartments, located at 550 Moreland Way in Santa Clara, California, is a multi-family asset that encompasses 160 units. The property sold for $71 million, averaging $443,750 per unit. Developed in 1982, it offers a mix of one- and two-bedroom apartments, along with three-bedroom townhouses. The complex is equipped with Project-Based Section 8 Housing Assistance Payments that extend through July 2029. Additional features of the community include a playground, a community room, and carports, with its location providing easy access to Downtown San Jose and nearby shopping centers.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $71,000,000
• Units: 160
• Price Per Unit: $443,750
• Address: 550 Moreland Way
• Market: Santa Clara

This transaction was represented by brokers David Cutler, Joshua Johnson, Kirk Trammell, and Mitchell Zurich from Marcus & Millichap. The sale was executed on July 17, 2024, marking a significant deal in the affordable housing sector in the San Jose area, with the original developer facilitating the transaction.