137
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Moreland Apartments, a 160-unit affordable housing community in San Jose. The asset traded hands for $71 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer of the property, and procured the buyer.
Moreland Apartments consists of eight two-story residential buildings and one single-story amenities building on an 8-acre site. Apartments come in one- and two-bedroom floor plans. Townhome units come in three-bedroom layouts. Income restrictions for the community were not disclosed. Amenities include a community room, three laundry rooms, a children’s playground and carports.