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FPA Multifamily acquired three San Jose apartment complexes for $135M.
The properties are the Sierrabrook Apartments, the Casa Verde Apartments and the Pacific Terrace West Apartments, which sold for $74.2M, $46.2M and $14.4M, respectively. The transaction was first reported by the the Mercury News.
Across all three properties, the sales price averages more than $300K per unit.
All three properties were built in the early 1970s. Sierrabrook is at 1265 North Capitol Ave. and contains 220 units in a two-story property. Before the Trinity Properties acquisition, it was owned by Marcus & Millichap.
Casa Verde at 2050 McKee Road contains 149 units and Pacific Terrace West at 498 Boynton Road contains 49 units. Both properties were previously owned by the Edward Dowd family trust.
San Jose rent growth declined over the last quarter, according to a recent report from Apartments.com, which illustrated a 1.4% dip in rental rates, down $43. This was one of the largest rent declines over the quarter, alongside Orlando, Florida, which saw rents drop by 2%, down $27.
CORRECTION, OCT. 20, 12:40 P.M. PT: A previous version of this story incorrectly attributed the Silicon Valley Business Journal as having first reported news of this transaction. The Mercury News first reported this story. The story has been updated to reflect this.
CORRECTION, OCT. 20, 12:40 A.M. PT: A previous version of this story incorrectly stated that Trinity Property Consultants acquired the properties mentioned above. These properties were acquired by FPA Multifamily. Trinity Property is FPA’s property management company. The story has been updated to reflect this.
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