FPA Multifamily

Milpitas apartments trade for $336,000 per unit

Interstate Equities Corp. has a new asset in its portfolio: A 137-unit apartment complex in Milpitas. The fund manager just paid $46 million, or about $336,000 per door, for the project, formerly called Meritage Apartments. IEC’s new name is “555 Apartments,” which is a reference to the address at 555 S. Park Victoria Drive.

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