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Silicon Valley Luxury Apartments Sell For $102M


JB Matteson acquired a 200-unit luxury apartment community in Milpitas last week in a $102M deal.

The San Mateo-based private real estate investment manager purchased the Ilara Apartments, a nearly 183k SF complex strategically located in Silicon Valley. The community, built in 2015, is within walking distance of the Great Mall/Main Transit Center, making it a compelling location with its easy connection to nearby employment centers, says John Bellack, co-president for JB Matteson.

The property has a state-of-the-art fitness center, business center, private work pods, a sky deck and a gaming room. Other amenities include a heated swimming pool and spa, a fireplace, barbecue areas and an enclosed dog park.

Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors repped the seller, while Dennis Williams of NorthMarq Capital arranged the acquisition financing.