SAN JOSE — Silver, a 268-unit apartment complex in the Midtown district of San Jose, was bought for $122.3 million, documents filed on Aug. 25 with the Santa Clara County Recorder’s Office show.
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San Francisco-based Carmel Partners, through an affiliate, bought the complex just west of downtown at 333 Sunol St. through an all-cash deal, according to real estate records. San Mateo-based Essex Property Trust led the group that sold the property.
Republic Urban and Swenson, two San Jose-based real estate firms that have been working on projects for 20 years, developed the apartment complex. It opened in 2019.
The amount that Carmel Partners paid equates to a price of just under $456,200 per unit.
By comparison, over the 12 months that ended in March, the average price per unit for completed apartment purchases in the San Jose metro area was $385,000, according to a report that commercial real estate firm Marcus & Millichap provided to this news organization.
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“San Jose’s multifamily market continues to be supported by constrained new supply, steady renter demand and rent growth,” said Ramon Kochavi, a Marcus & Millichap senior managing director and market leader.
Apartment vacancy levels for the San Jose metro region are expected to drop to 3.2% by the end of 2026, which would be a 25-year low, Marcus & Millichap reported.
“The market’s operating fundamentals continue to create favorable conditions for multifamily investors,” Kochavi said.
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