New York's Zurich Alternative Asset Managment pays $53M for Silicon Valley apartment complex - Silicon Valley Business Journal

A New York investment firm last week paid $53 million to buy a recently constructed apartment complex near Westfield Valley Fair mall.

USA, which focuses on multifamily developments, has 12,000 units worth of residential buildings in its portfolio, its CEO, Geoff Brown, told the Business Journal. The developer typically sells one property a year for liquidity or to take take its gains, he said. "I hate not to still own it, because it's a very nice community," he said. He continued:"It's a great area. I'm sure Zurich will do very well."As part of the transaction, Elliott transferred its share of Santana Terrace to USA prior to the sale to Zurich, according to records filed with the county. Elliott was an investor in the development, and the transfer was part of a so-called 1031 exchange, Brown said. Such exchanges are done to defer capital gains taxes.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trinity Property Consultants pays $135M for 3 San Jose apartment complexes - Silicon Valley Business JournalA SoCal real estate firm paid big bucks for three older apartment complexes in San Jose. CRE ResidentialRealEstate SiliconValley SanJose
Source: svbizjournal - 🏆 334. / 59 Read more »

Silicon Valley R&D space market mixed in Q3, with availability rising - Silicon Valley Business JournalSilicon Valley's R&D market — relatively strong throughout the pandemic — is showing signs of cooling off. CRE R&D SiliconValley
Source: svbizjournal - 🏆 334. / 59 Read more »

Why Hitachi Vantara chose DFW for its new cloud application center - Silicon Valley Business JournalHitachi Vantara isn't leaving Santa Clara. But it's looking to Texas to grow. exodus siliconvalley
Source: svbizjournal - 🏆 334. / 59 Read more »