The sale involved a multifamily portfolio comprising four properties located at 874 East El Camino Real, 881 East El Camino Real, 2580 El Camino Real, and 717 Dexter Avenue North, situated in the markets of Sunnyvale, Mountain View, Redwood City, and Seattle. The total sale price for the properties was $272,000,000, and the portfolio includes 574 units, resulting in a per unit price of $473,868.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $272,000,000
• Units: 574
• Per Unit Price: $473,868
• Buyer: Marshall Boyd & Julia Boyd Corso - Interstate Equities Corp.; Cathy Marcus - PGIM
• Market: Sunnyvale, Mountain View, Redwood City & Seattle

Interstate Equities Corporation, in a joint venture with PGIM, facilitated the acquisition of this multifamily portfolio. PGIM holds a majority equity stake in the joint venture, allowing for opportunities to implement value-add upgrades while addressing durable demand and rent growth within the tech-driven markets.