The transaction involves the sale of the McClellan Terrace Apartments located at 7918 McClellan Road in Cupertino. The multifamily asset spans 5 acres, features 94 units, and has a total square footage of 100,000. The deal was made for a transaction amount of $66,700,000, resulting in a price per unit of $709,574 and a price per square foot of $667.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $66,700,000
• Units: 94
• Square Footage: 100,000
• Price per Unit: $709,574
• Price per Square Foot: $667
• Buyer: Omar Torres - Foothill-De Anza Community College
• Seller: Jackie Safier - Prometheus Real Estate Group
• Broker: Colliers
• Renovation Budget: $28,000,000

The buyer, Omar Torres, represents Foothill-De Anza Community College, which has opted to acquire the property instead of constructing new student housing due to elevated construction costs and delays. The off-market transaction is expected to facilitate student rentals by the fall semester.