San Jose Community Sells for $36M

Marcus & Millichap represented the seller in the transaction and procured the buyer. The 109-unit asset features 12,000-square-foot commercial space, as well.

Miraido Village
Miraido Village

Marcus & Millichap has arranged the $36 million sale of Miraido Village, a mixed-use, 109-unit apartment community in San Jose. The company represented the seller, Miraido Village Apartments LLC, and procured the buyer, T.K. Properties. Marcus & Millichap has also recently arranged the sale of a 160-unit community in Virginia Beach.

Situated at 520 N. 6th St., the property is less than a mile from downtown, within two miles of the Golden Triangle employment artery and less than 10 minutes from the SAP Arena, San Jose State University and Santa Clara University. Built in 1999, Miraido Village comprises a mix of studio, one- and two-bedroom units—39 affordable and 70 market-rate—averaging 837 square feet. Community amenities include:

  • pool
  • spa
  • fitness center
  • 3,000-square-foot community room
  • 12,000-square-foot of commercial space

“This transaction was complex, and one challenge we encountered when marketing the property was navigating the buyout of the ground lease, which was originally secured through a pool of bonds. In addition, a construction defect made financing difficult as the lender required that the new tenants pay for any future repairs,” said Eduardo Cerna, a senior managing director investments at Marcus & Millichap, in prepared remarks. “Ultimately, we were able to navigate around the obstacles and bring the property to market free and clear.”

Image courtesy of Marcus & Millichap