SANTA CLARA — A big apartment complex in Santa Clara has been bought for well over $200 million in a deal that shows investors still seek to buy residential properties in the South Bay despite an uneven economy.
Summerwood Apartments has been bought for $203.2 million, according to documents filed on Nov. 21 with the Santa Clara County Recorder’s Office.
Interstate Equities, a Los Altos-based real estate investment firm that acted through an affiliate, bought the Summerwood Apartments complex, the county documents show. Interstate Equities is a veteran firm that was founded in 1981.
“Our niche is finding dated multifamily apartment properties and transforming them into affordable, updated, boutique-style assets,” Interstate Equities states on its website.
Germany-based DWS Group sold the apartment complex to the Interstate Equities affiliate.
The 468-unit Summerwood Apartments was built in 1971, according to the Apartments.com website. The residential units are in several buildings, which are two stories high.
Interstate Equities obtained a loan totaling $127.8 million at the time of the purchase, the county records show. Baltimore-based M&T Realty Capital provided the financing for the transaction. The loan was transferred to the control of Fannie Mae, the government-sponsored mortgage securities leviathan.