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August 12, 2020
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Essex Property Closes $104 Mil Res Buy in San Jose


Essex Property Trust acquired Meridian at Midtown, a 218-unit luxury apartment community with approximately 14k sf of ground-floor retail in San Jose, in a $104 mil transaction. The seller was Republic Urban Properties LLC.

Meridian at Midtown is situated at 1432 W. San Carlos St, less than one mile west of downtown and just north of I-280. The property’s Midtown location has earned it a Walk Score® of 90 and provides a true live-work-play setting in one of the Bay Area’s most sought-after submarkets.

Built in 2015, the mid-rise property offers a range of amenities, including three state-of-the-art fitness centers, conference rooms, a resort-style pool with cabanas, community lounge space, dog park, outdoor courtyard, playground and ground-floor retail amenities such as The Breakfast Club and Starbucks. Residential units include a variety of studio, one- and two-bedroom configurations averaging 875 sf each.

Scott Bales, Peter Yorck and Eric Bet represented the seller and also procured the buyer in the deal.

“Meridian at Midtown’s central location is within a mile of Google’s proposed campus and the Diridon Station development, which will dramatically shift the core of downtown San Jose closer to Midtown and allow the property to continue to experience tremendous rent growth far into the future,” Bales said.

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