A big luxury apartment complex at Santana Row in San Jose has been bought in a deal that tops $70 million.
SAN JOSE — A big luxury apartment complex at Santana Row in San Jose has been bought in a deal that tops $70 million and suggests investors still seek multifamily residential properties in choice spots.
Levare, an apartment property at 3003 Olin Road in San Jose, has been bought for $73.9 million, according to documents filed on May 13 with the Santa Clara County Recorder’s Office.
Both the buyer and the seller were affiliates of two of the nation’s largest and most successful real estate firms, the county records show.
Hines Interests bought the apartment complex from Federal Realty Investment Trust, Santana Row‘s principal owner and developer.
Levare contains 108 units, according to the Apartments.com website.
The deal for Levare arrives at a time when investors have jumped into the South Bay apartment market by grabbing big residential complexes in the region.
In sharp contrast, the apartment market appears to be struggling in the East Bay, with considerable weakness emerging in markets such as Oakland, Berkeley and Emeryville.
The maladies that afflict the East Bay apartment market consist of fading values, loan delinquencies and even foreclosures of failed loans.
As for the just-bought apartments at Santana Row in San Jose, the price that the Hines affiliate paid for Levare works out to roughly $684,300 a unit.
Levare contains one-, two- and three-bedroom units, the Apartments.com site states. Unit sizes range from 748 square feet to 2,399 square feet.
Amenities include a pool, lounge, fitness center, game room, cabana, courtyard, grill and picnic area.
Levare is on the eastern edge of Santana Row, a mixed-use destination neighborhood of shops, restaurants, homes, offices, hotel facilities, open spaces, and entertainment hubs.
Santana Row has been on a hot streak lately with lease deals that have attracted office, retail and restaurant tenants to the neighborhood.
The Santana West office building has attracted tenants at a brisk enough clip that the eye-catching office building, which totals 375,000 square feet.