SAN JOSE — A downtown San Jose apartment complex was sold for more than $100 million in a deal that extends a surge of investor eagerness to grab residential hubs in the South Bay.
At 383 Stockton Ave., the 250-unit complex was 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.
Bell Partners, a national apartment investment and property management firm, manages a portfolio of roughly 65,000 apartment homes in the U.S., according to the company.
Vidmark Residential sold the property. Vidmark was created through the merger of real estate companies Avalon Bay and Equity Residential.
The per-unit price of $560,000 for the Stockton Avenue apartments is well above the average for the San Jose metro region.
Over the 12 months that ended in March, the average price per unit for apartments was $385,000, according to commercial real estate firm Marcus & Millichap.
Other Bay Area apartment complexes have drawn a growing number of buyers in recent months.
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.