Two Silicon Valley apartment complexes sell for combined $51M

Separate deals in San Jose and Palo Alto indicate interest from multifamily investors

1785 Almaden Road and 2721 Midtown Court
1785 Almaden Road and 2721 Midtown Court (Google Maps, Getty)

Two investors involved in separate deals have picked up apartment complexes in Silicon Valley for a combined $51 million.

A Campbell-based group led by Yue and Jean Mar bought the Scotia Apartments at 1785 Almaden Road in San Jose for $31.3 million, the San Jose Mercury News reported. A group led by Tod Spieker bought the Midtown Court Apartments at 2721 Midtown Court in Palo Alto for $20 million.

The sellers behind both deals were undisclosed.

The 55-unit Scotia Apartments was built in 2020 near San Jose’s Willow Glen district. The five-story complex was assessed in the middle of last year at $29.9 million. The $31.25 million purchase works out to $568,200 a unit. 

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The 60-unit Midtown Court Apartments was built in 1963 in Palo Alto’s Midtown district, where there are many restaurants and coffee shops. The three-story complex, with an assessed value of $3.6 million, was last sold in 1981. The $20 million purchase works out to $333,300 a unit.

The transactions indicate that Bay Area apartment complexes remain attractive for investors who want a piece of the Silicon Valley housing market, according to the Mercury News. Interest remains strong despite a high tide of uncertainties, tech layoffs, rising interest rates and inflation.

— Dana Bartholomew

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