Marcus & Millichap announced the sale of Moreland Apartments, a 160-unit affordable housing asset in San Jose. The property sold for $71 million, or $443,750 per unit.
“On the market for the first time since it was developed in 1982, the property has a project-based Section 8 housing assistance payments contract for all units that runs through the end of July 2029,” said Mitchell Zurich, senior managing director investments at Marcus & Millichap’s Palo Alto, Calif., office.
Marcus & Millichap represented the seller, the original developer of the property, and procured the buyer.
Moreland Apartments is a short drive from Downtown San Jose. The Plaza shopping center and Maple Leaf Plaza are nearby. The property is a garden-style community composed of eight two-story residential buildings and one single-story office/amenities building on an eight-acre parcel. The apartments have one- and two-bedroom units and are 620 and 850 square feet in size, r
