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10/14/19
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LINQ, a 230-unit, transit-oriented luxury apartment community in San Jose, traded to a new owner in a $103.8 mil transaction, valuing the property at $451k/unit. The buyer was Stockbridge, on behalf of the firm’s Value Fund III, a closed-end, value-add vehicle.
LINQ is located at 1700 Newbury Park Dr, less than a half mile from the future Berryessa BART station. The property is less than 10 minutes from downtown San Jose, where more than 10 msf of commercial space is expected to deliver in the next 10 years.
First-class amenities at the community include a resort-style pool and spa, state-of-the-art fitness center, yoga center, outdoor courtyard with grilling stations and a 7.4k sf Skydeck with 360-degree views of the Silicon Valley. Floor plans include a variety of studio, one- and two-bedroom options averaging 818 sf with features, including stainless-steel appliances, plank flooring, in-unit washers and dryers and personal balconies. In addition, the property includes more than 11k sf of ground-floor retail, which is 100% occupied.
Scott Bales, Peter Yorck and Nolan Moore with JLL Capital Markets team represented the seller, a partnership between Republic Urban Properties LLC and The Core Companies.
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