SAN JOSE — A plan to build several hundred homes in San Jose has taken a step forward with a preliminary real estate deal for the purchase of the development sites.
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Del Rey Investment Co. and SummerHill Apartment Communities have crafted a contract whereby Del Rey would sell to SummerHill two chunks of land at the corner of Baypoint Parkway and Zanker Road in north San Jose that together total 6.3 acres, documents on file in Santa Clara County show.
One parcel, at 240 Baypointe Parkway, totals 3.7 acres, while the other parcel, at 255 Baypointe, totals 2.6 acres, Santa Clara County Assessor’s Office real estate files show.
Palo Alto-based Del Rey Investment’s principal executives are John Arrillaga Jr. and Jason Peery. Arrillaga Jr. is the son of the late John Arrillaga Sr., and Jason Peery is the son of Richard Peery. In the early 1960s, Arrillaga Sr. and Richard Peery joined forces to found Peery Arrillaga, one of the Bay Area’s most successful real estate development companies.
The sales contract obliges SummerHill to buy the 240 Baypointe property by late July 2028 and the 255 Baypointe parcel by late July 2029, the county property documents show.
Other terms, such as the purchase price, weren’t disclosed.
Earlier this year, SummerHill Apartment filed a preliminary proposal with city officials that envisioned a big residential development near one of San Jose’s major tech hubs.
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The two project sites, which are across the street from each other, would produce a combined 616 apartments if San Jose officials give final approval, planning files show.
SummerHill Apartment Communities intends to develop 315 apartments in a six-story building on the 240 Baypointe site and 301 apartments in an eight-story building on the 2.6-acre parcel at 255 Baypointe, the proposal shows.
The 240 Baypointe residential hub is expected to contain a club room, lounge, fitness center, and roof deck amenities on two levels, according to the proposal.
The 255 Baypointe apartment complex is slated to include a fitness center, bike room, lounge, pool deck, and roof deck amenities, the filing shows.
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