SAN JOSE \u2014 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.<\/p>\n
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\u2019s Office show.<\/p>\n
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.<\/p>\n
Vidmark Residential<\/a> sold the property. Vidmark was created through the merger of real estate companies Avalon Bay and Equity Residential.<\/p>\n The per-unit price of $560,000 for the Stockton Avenue apartments is well above the average for the San Jose metro region.<\/p>\n 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.<\/p>\n Other Bay Area apartment complexes have drawn a growing number of buyers in recent months.<\/p>\n Deals include the purchase of the 218-unit Meridian at Midtown<\/a> 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<\/a> at 10 East Reed St. in San Jose\u2019s SoFA district.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 A downtown San Jose apartment complex was sold for more than $100 million in a…\n","protected":false},"author":2,"featured_media":451048,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[31929,178038,178041,178039,88,90,89,178040],"class_list":["post-451047","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-apartment-complex","tag-avalon-bay","tag-bell-partners","tag-equity-residential","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-vidmark-residential"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/451047","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=451047"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/451047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/451048"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=451047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=451047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=451047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}