San Jose Affordable Housing Trades
This represented the first time the 42-year-old property had been on the market.
Moreland Apartments, an affordable housing property in San Jose, Calif., has sold for $71 million, or $443,750 per unit. This marked the first time 160-unit asset was on the market for the first time since it was built in 1982. The identities of the buyer and seller could not immediately be learned.
The community has a project-based Section 8 housing assistance payments contract for all units that runs through July 2029.
Moreland Apartments is a garden-style community composed of eight two-story residential buildings and one single-story office and amenities building. The property sits on an eight-acre parcel of land.
Property details
The property includes one- and two-bedroom units, measuring 620 square feet and 850 square feet in size, respectively. The community also features three-bedroom townhouse units that total 1,150 square feet. Amenities at the site include a community room, three laundry rooms, a children’s playground and carports.
Moreland Apartments is located a short drive from San Jose’s downtown. The Plaza shopping center and Maple Leaf Plaza are located nearby.
Mitchell Zurich, senior managing director investments in Marcus & Millichap’s Palo Alto office, and colleagues Kirk Trammell, David Cutler and Joshua Johnson represented the seller, the original developer of the property, and procured the buyer.
Community Preservation Partners acquired Corinthian House, a 102-unit affordable housing property for seniors located in southwest San Jose earlier this year.
