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Adam Siegman & Jennifer Keith Of Ethos Real Estate Acquire 650-Unit Multifamily Asset In San Jose For $322.75M
SOLD
$322,750,000
California
See Similar DealsMultiFamily
Sold 12/22/2025
SOLD
Adam Siegman & Jennifer Keith Of Ethos Real Estate Acquire 650-Unit Multifamily Asset In San Jose For $322.75M
5805 Charlotte Drive
See Similar DealsMultiFamily
Sold 12/22/2025
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The 650-unit Ascent apartment complex, located at 5805 Charlotte Drive in San Jose, was sold for $322,750,000, translating to approximately $496,538 per unit. Built in 2016, this multifamily asset, previously owned by Shea Properties, includes amenities such as a fitness center and a pool, with monthly rent prices ranging from $2,919 to $4,900.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $322,750,000
- Units: 650
- Price Per Unit: $496,538
- Buyer: Adam Siegman & Jennifer Keith - Ethos Real Estate
- Seller: Colm Macken - Shea Properties
The transaction involved key representatives, with Adam Siegman and Jennifer Keith acting on behalf of Ethos Real Estate as buyers, while Colm Macken represented Shea Properties as the seller in this deal.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$17,213,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,146,662.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,529,999.66
Annual Debt Service$18,359,995.91
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