SAN JOSE \u2014 The shopping spree for South Bay housing hubs has widened with a $300 million-plus purchase of a San Jose apartment complex for a price that\u2019s on the high end for current values.<\/p>\n
Lynhaven, a 636-unit apartment hub in West San Jose, has been bought for $346.5 million by a New York City-based real estate unit of global investment titan KKR & Co., according to public records.<\/p>\n
A growing number of investors have begun to rush to snap up apartment hubs<\/a> in the South Bay, with a heightened focus on multifamily residences<\/a> in San Jose.<\/p>\n In the most recent South Bay apartment deal, an affiliate of KKR Real Estate bought the Lynhaven housing hub through an all-cash deal, documents filed on Sept. 2 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n The per-unit price for Lynhaven was $544,800. That\u2019s 41.5% above the average $385,000 price per unit for apartments in the San Jose metro area as estimated by real estate firm Marcus & Millichap.<\/p>\n Similarly, the recent prices of $560,000 a unit for an apartment complex at 383 Stockton Ave. in downtown San Jose and $483,000 a unit for a residential hub at 1432 West San Carlos St. in San Jose near the mega malls were both well above the average prices in the South Bay.<\/p>\n These prices suggest that buyers believe apartment rents in the properties they acquired are more likely to rise than turn flat or drop.<\/p>\n On the flip side of the supply and demand equation, however, renters might face a tight market in the South Bay.<\/p>\n Marcus & Millichap\u2019s assessment lends credence to the optimism on the part of the new owners of apartments. Rents are expected to rise 4.4% during the course of 2026, Marcus & Millichap predicted.<\/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","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 The shopping spree for South Bay housing hubs has widened with a $300 million-plus purchase…\n","protected":false},"author":2,"featured_media":452308,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,8,3010,1335,1011,1337,1533,181,23,100,388,88,90,89,5406,198,94685,200,6994],"class_list":["post-452307","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-development","tag-housing","tag-housing-development","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-san-jose-real-estate","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\/452307","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=452307"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/452307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/452308"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=452307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=452307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=452307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}