Local buyers have grabbed apartment complexes in San Jose and Palo Alto in deals that suggest investors still thirst for Bay Area residential sites.
Midtown Court Apartments, a residential complex at 2721 Midtown Court in Palo Alto.
Scotia Apartments in San Jose and Midtown Court Apartments in Palo Alto were bought in recent days for a combined $51 million in recent days, according to documents on file with the Santa Clara County Recorder’s Office. Interest in the residential centers has emerged even in the face of a rising tide of uncertainties, tech layoffs, soaring interest rates and skyrocketing inflation.
Midtown Court Apartments was bought for $20 million on March 3, according to the county documents. The buyer was a group led by Tod Spieker, a veteran Bay Area real estate investor. The most recent assessed value was $3.6 million. However, county documents show the complex last was sold in 1981.
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