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12/21/15
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San Mateo-based JB Matteson Inc is closing out the year with a major multifamily buy in the Bay Area. The firm paid $102 mil for Ilara Apartments, a newly-built, 200-unit ($510k/unit) res community located at 1201 S. Main St in Milpitas.
Totaling 182.8k sf, Ilara Apartments is one of the newest and highest quality apartment communities in Silicon Valley, with a top-of-market amenity package and transit orientated location. The community features a state-of-the-art fitness center, business center with cyber cafe, private work pods, fourth floor sky deck, resident lounge, and gaming room.
Outdoor amenities include a heated, resort-style swimming pool and spa with a furnished sundeck, fireplace, two barbecue areas, and an enclosed dog park. Studio, one-bedroom, and two-bedroom floor plans average 914 sf in size. Unit amenities include: central HVAC, washer/dryers, contemporary cabinetry, quartz countertops, stainless steel appliances, four designer interior plans, and abundant on-site structured parking.
“The proximity to numerous large Silicon Valley employment centers make this a compelling location. We liked the walking access to the Great Mall and public transportation, including the LTA light rail and the new BART station under construction,” said John Bellack, co-president and chief investment officer at JB Matteson Inc. “Additionally, the high quality design and improvements make this an attractive property.”
Ilara Apartments is located within 500 feet of the Great Mall/Main Transit Center, serviced by both VTA light rail and bus routes, as well as AC Transit. These immediate transit options provide direct connectivity to major employment centers, including North San Jose, Santa Clara, Sunnyvale, Mountain View, downtown San Jose, Campbell and South San Jose.
Stanford Jones, Philip Saglimbeni, and Salvatore Saglimbeni of IPA Institutional Property Advisors represented the seller in the transaction.
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