SAN JOSE — A big San Jose apartment complex has been bought for over $70 million in a deal that hints at a wobbly market for multifamily real estate and a tricky economy for property investors.
San Francisco-based Reliant Group, acting through an affiliate, bought Moreland Apartments, according to the county public documents. Despite the recent softening of per-unit-values for apartment transactions during the last nine months, prices for multifamily complexes are very much in line with price trends before the spikes in inflation and interest rates over the last year or two.— The Village Residences in Mountain View, bought in 2019 for a jaw-dropping $963,700 per unit. This $292 million deal for the 333-unit complex was completed in 2019.
— Sofi Waterford Park apartments in San Jose, 432 units, bought in 2020 for $194 million, or $449,070 a unit.— Park Hacienda in Pleasanton, 540 units, bought in 2020 for $248 million, or $459,260 a unit.
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