Silicon Valley apartments change hands
Property bought for nearly $21 million
By Inman News, Friday, January 30, 2004.Inman News®
Marcus & Millichap arranged the sale of the 138-unit Morgan Hill Apartments in Morgan Hill, Calif.
The value of the transaction was approximately $21 million.
The garden-style complex, built in 1989, is located at 16945 Del Monte Ave. The apartment property totals 112,987 rentable square feet among its 11 one- and two-story buildings. The unit mix includes 58 one-bedroom/one-bath units and 79 two-bedroom/two-bath units.
A southern California-based institutional investor sold the property to Palo Alto-based C.M. Winprop and C.M. St. Corp.
Occupancy was 95 percent at the time of sale.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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