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San Jose Res Community Traded in $185 Mil Transaction

11/16/22

Centerra Apartments, a 347-unit res community in San Jose, sold in a recent deal said to be worth around $185 mil. The buyer was an investment entity led by 3D Investments, out of Beverly Hills.

The property is located at is 77 N. Almaden Ave, north of Santa Clara St and just east of Guadalupe Pkwy. The high-rise property is comprised of 21 floors totaling 325k sf of residential space and approximately 7k sf of retail.

Centerra was built in 2016 by Simeon Residential Properties as apartments with condo mapping in-place. The property offers a unique mix of one-, two- and three-bedroom units including townhomes, live works, lofts and junior units.

Centerra Apartments features world class amenities including a pool and spa, an integrated parking structure, a media lounge with bar and fireplace, a fitness center, outdoor gathering spaces, a conference center and a game room. The property is situated in San Jose’s transit-oriented downtown core, across the street from the San Pedro Square and one block from the Highway-80 on-ramp.

Scott Bales and David Hosler with Newmark represented the seller, AFL-CIO Building Investment Trust, advised by PNC Realty Investors. Ramsey Daya and Chris Moritz, also with Newmark, arranged the acquisition financing.

Investor appetite for U.S. multifamily assets surged during the second quarter of 2022 with $86.3 bil in sales volume, according to Newmark Research. This represented a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume during the first half of 2022 accelerated 53.1% compared with the first half of 2021. This uptick in activity was in part due to buyers and sellers deliberately transacting ahead of impending FOMC rate hikes and the mid-term elections later in the year.





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