MILPITAS — A big apartment complex in Milpitas has been bought for more than $150 million by a veteran owner of residential properties in a deal that suggests investors still thirst for Bay Area real estate in prime locations.
Cerano Apartments, located at 501 Murphy Ranch Road in Milpitas, was bought for $153.5 million by Colorado-based Griffis Residential, which acted through an affiliate, documents filed on March 30 with the Santa Clara County Recorder’s Office show.
Fairfield Residential sold the complex to Griffis Residential, according to the county’s public records.
Cerano Apartments contains 373 residential units and was built in 2012, the apartments.com website states.
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