SANTA CLARA, CALIF. — Interstate Equities Corp. has purchased Summerwood Apartments, a 468-unit property located at 444 Saratoga Ave. in Santa Clara, roughly 5 miles west of San Jose, California. German investment firm DWS sold the asset for $203 million.
The garden-style community offers a mix of one- and two-bedroom apartments. Amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park.
Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
Additionally, Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent.
Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, California-based company’s portfolio includes two properties in Washington and 29 communities in California.
DWS is a global asset manager based in Frankfurt, Germany, with roughly $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia.