MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit.
Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services.
Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.