{"id":374591,"date":"2026-06-25T16:22:59","date_gmt":"2026-06-25T16:22:59","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/374591\/"},"modified":"2026-06-25T16:22:59","modified_gmt":"2026-06-25T16:22:59","slug":"san-jose-apartment-hub-near-big-malls-is-bought-for-100-million-plus","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/374591\/","title":{"rendered":"San Jose apartment hub near big malls is bought for $100 million-plus"},"content":{"rendered":"

SAN JOSE \u2014 A San Jose apartment complex near the city\u2019s mega malls has been bought for just over $100 million, but the property\u2019s price has barely budged since the last time it traded hands.<\/p>\n

Meridian at Midtown, a 218-unit residential hub, was purchased for $105.3 million, documents filed on June 24 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

RELATED:\u00a0Tesla-leased Fremont industrial building is bought for $100 million-plus<\/a><\/p>\n

The latest price for the west San Jose apartment complex<\/a>, located at 1432 West San Carlos St. next to Meridian Avenue, suggests values remain weak for many residential hubs in the Bay Area in the post-COVID years.<\/p>\n

Holland Partner Group, through an affiliate, bought Meridian at Midtown<\/a>, which is between the commercial hubs at Westfield Valley Fair and Santana Row and downtown San Jose.<\/p>\n

Essex Property Trust was the seller in the deal. In 2018, Essex Property paid $104 million for the Meridian at Midtown apartments, according to county real estate files.<\/p>\n

This means the apartment hub\u2019s value has risen just 1.2% in about eight years, suggesting that property values for rental housing remain flabby in some Bay Area markets.<\/p>\n

In recent years, fading values and failed loans have haunted a growing number of apartment properties<\/a> in multiple Bay Area markets.<\/p>\n

The financial setbacks have even led to foreclosures of some prominent residential hubs<\/a> in the Bay Area.<\/p>\n

Despite these difficulties, a recent report by commercial real estate firm Marcus & Millichap regarding the South Bay apartment market suggests that improvements are on the horizon for the sector.<\/p>\n

\u201cThe average monthly rent will climb to $3,438, the highest in the nation,\u201d Marcus & Millichap stated in a first-quarter report on the apartment market in Santa Clara County.<\/p>\n

Average rents are expected to rise 4.4% during the course of 2026, Marcus & Millichap predicted.<\/p>\n

\u201cSan Jose\u2019s rent growth will lead all major U.S. markets, substantially outpacing the national level of just 1.8 percent,\u201d Marcus & Millichap stated.<\/p>\n

\"MeridianMeridian at Midtown apartments, located at 1432 West San Carlos Street in west San Jose, seen on June 24, 2026.\u00a0(George Avalos\/Bay Area News Group)<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 A San Jose apartment complex near the city\u2019s mega malls has been bought for just…\n","protected":false},"author":2,"featured_media":374592,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,8,3010,1011,1533,181,23,100,388,88,90,89,198,94685,200,6994],"class_list":["post-374591","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-bay-area","tag-business","tag-california","tag-california-news","tag-commercial-real-estate","tag-housing","tag-keywee","tag-latest-headlines","tag-local-news","tag-news","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-santa-clara-county","tag-social-alert","tag-south-bay","tag-west-san-jose"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/374591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=374591"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/374591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/374592"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=374591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=374591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=374591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}