SAN JOSE — A San Jose apartment complex has landed a buyer from the East Coast for more than $100 million in a deal that extends a surge of investor eagerness to grab residential hubs in the South Bay.
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An apartment hub at 383 Stockton Ave. in downtown San Jose has been bought for $140 million by an affiliate of multifamily residential investor Bell Partners, documents filed on Aug. 31 with the Santa Clara County Recorder’s Office show.
By happenstance, the seller was Vidmark Residential, whose affiliates have paid at least a combined $911.8 million to acquire apartment complexes in the Bay Area in recent weeks.
The merger of real estate companies Avalon Bay and Equity Residential produced the new business. In the wake of the merger, the Vidmark Residential has been buying Bay Area apartments that had been owned by Avalon Bay.
Besides the properties involved in the Vidmark deals, other Bay Area apartment complexes have drawn a growing number of buyers in recent months.
Recent deals include the purchase of the 218-unit Meridian at Midtown complex at 1432 West San Carlos St. in San Jose for $105.3 million and the $175 million deal for a 23-story, 336-unit housing tower at 10 East Reed St. in San Jose’s SoFA district.
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The 383 Stockton Ave. residential complex consists of 250 apartments, which means the purchase price equated to $560,000 per unit.
The per-unit price is well above the average for the San Jose metro region, which is the South Bay.
Over the 12 months that ended in March, the average price per unit apartment deals in the San Jose metro area was $385,000, according to commercial real estate firm Marcus & Millichap.
Bell Partners is one of the nation’s largest apartment investment and property management firms. The company manages a portfolio of roughly 65,000 apartment homes in the United States, states a post on the Bell Partners’ website.
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