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11/04/15
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Waterstone San Jose, a 432-unit residential complex in San Jose, was acquired by Grosvenor Americas in a deal said to be worth around $160 mil, or $370k per unit. The property was sold by an affiliate of Pacific Urban Residential, out of Palo Alto.
Built in the 1970s, Waterstone San Jose is situated on 22 acres at 3980 Ellmar Oaks Dr, west of Hwy 101 and south of I-280. Grosvenor plans to invest another $16 mil in renovations to the property.
Units at Waterstone San Jose feature washer/dryers, upgraded cabinetry, large patios and balconies, plush carpeting, G.E. refrigerators, ovens, dishwashers, and disposals, spacious closets, air-conditioning, and digital cable. Common area amenities include resort style swimming pools and spa, business center, gym, and landscaping with beautiful ponds and fountains.
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