GILROY, CA-TruAmerica Multifamily has purchased the 170-unit Vineyards apartment community here. The firm paid $38.3 million, or about $225,000 per unit, according to a report in the Silicon Valley Business Journal. The seller was an affiliate of the Matteson Companies.
Greg Campbell, director of acquisitions for TruAmerica, told the paper that the Gilroy property was attractive for several reasons—primarily because Gilroy has high barriers to entry, and solid income leverls. Also, rents are affordable compared to other Silicon Valley communiities, and rent growth and occupancy in Gilroy have been steady.
The transaction was arranged by Institutional Property Advisors, a Marcus & Millichap subsidiary. Salvatore Saglimbeni, Philip Saglimbeni and Stanford Jones were the brokers on the deal.
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