Prado in Santa Clara, California

Institutional Property Advisors Brokers $125 Million Sale of Prado in Santa Clara, California

by Channing Hamilton

SANTA CLARA, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Prado, a 251-unit asset in Santa Clara. Alliance Residential acquired the property from Summerhill Apartment Communities for $125 million.

Prado was built in 2021. The community offers one- and two-bedroom units with an average size of 843 square feet. Amenities include a pool and spa, fitness center, indoor and outdoor resident lounges, a business center, game room and barbeque area.

Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of IPA represented the seller and procured the buyer. Additionally, IPA Capital Markets arranged $73.5 million in acquisition financing. Brian Eisendrath, Cameron Chalfant and Jesse Zarouk of IPA Capital Markets arranged the five-year, six percent financing.

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