{"id":173813,"date":"2026-02-11T18:56:22","date_gmt":"2026-02-11T18:56:22","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/173813\/"},"modified":"2026-02-11T18:56:22","modified_gmt":"2026-02-11T18:56:22","slug":"apartment-hub-at-santana-row-in-san-jose-is-bought-for-140-million-plus-3","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/173813\/","title":{"rendered":"Apartment hub at Santana Row in San Jose is bought for $140 million-plus"},"content":{"rendered":"

SAN JOSE \u2014 A large apartment complex in Santana Row has been bought for more than $140 million in a deal that marks the second sale of an apartment hub in the San Jose mixed-use neighborhood in less than a year.<\/p>\n

Misora, a 212-unit apartment property located on Hatton Street between Olin Avenue and Olsen Drive in San Jose, has been bought for $148.5 million, according to documents filed on Feb. 5 with the Santa Clara County Recorder\u2019s Office.<\/p>\n

\"Misora,Misora, a 212-unit apartment complex at the corner of Olsen Avenue and Hatton Street within the Santana Row neighborhood of west San Jose.\u00a0(Google Maps)<\/p>\n

Chicago-based Waterton<\/a>, a real estate investment firm, bought the Misora property from Federal Realty Investment Trust<\/a>, the principal developer and owner of Santana Row, a destination mixed-use retail, dining, housing, entertainment, residential, and hotel neighborhood in west San Jose.<\/p>\n

In May 2025, Federal Realty also sold Levare<\/a>, a 108-unit apartment hub at 3003 Olin Ave. in Santana Row. Hines, a major real estate firm, paid $73.9 million for Levare, which worked out to $684,300 per unit, one of the higher prices for apartment complexes in the South Bay since the coronavirus outbreak.<\/p>\n

The just-completed deal for Misora works out to $700,500 a unit, a price that suggests Santana Row apartment properties are fetching robust values despite financial setbacks for some South Bay residential hubs.<\/p>\n

On Jan. 28, the Fay, a 336-unit apartment tower<\/a> in downtown San Jose, was foreclosed due to a loan delinquency. As a result of the foreclosure, the lender placed a value on the property of $110 million, or $327,400 per apartment.<\/p>\n

Even as Federal Realty sells some of its apartment properties at Santana Row, the real estate firm is developing new residences in the west San Jose neighborhood.<\/p>\n

In 2025, Federal Realty launched construction of a 258-unit apartment complex<\/a> at 358 Hatton St. This project represents Federal Realty\u2019s first new residential development in 10 years.<\/p>\n

The new owner of the Misora apartments is eyeing a wide-ranging upgrade of the just-bought property.<\/p>\n

\u201cWaterton will upgrade residences to a modern finish level, including vinyl plank flooring and new lighting and plumbing fixtures throughout, quartz countertops, new backsplashes, and a new technology package,\u201d Waterton said in a statement the company sent to this news organization. \u201cStainless steel appliance packages and cabinets will be added as needed.\u201d<\/p>\n

Federal Realty said that from time to time it takes steps to unload properties, which was the case with the recent Misora and last year\u2019s Levare apartment sales at Santana Row.<\/p>\n

\u201cWe\u2019ve been doing this for decades, pruning, reinvesting, and staying patient when the environment demands it,\u201d said Federal Realty Chief Executive Officer Don Wood.<\/p>\n

Waterton sees plenty of upside in owning an apartment complex that\u2019s part of the Santana Row neighborhood.<\/p>\n

\u201cDemand continues to be driven by the tech sector in this high-barrier-to-entry district that hasn\u2019t seen a new apartment delivery in nearly a decade,\u201d said Ben Slack, a Waterton vice president and director of acquisitions.<\/p>\n

With the Misora purchase, Waterton now owns 920 apartment units in the Bay Area.<\/p>\n

\u201cWe\u2019re currently seeing favorable market dynamics and strong supply-demand fundamentals prevail across the Bay Area and throughout Silicon Valley,\u201d Slack said.<\/p>\n

\u00a0<\/p>\n

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