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April 23, 2019
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NORTHERN CALIFORNIA NEWS
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Sridhar Equities Pays $360k/Unit for San Jose Apartment Community

1/18/19

Sridhar Equities has purchased Lakewood Court Apartments, a 48-unit multifamily asset in San Jose, for $17.28 mil ($360k/unit). The property is located in downtown San Jose in close proximity to I-680 and I-880, making it proximate to both the San Jose and Oakland International Airports, as well as to light rail stations.

Lakewood Court Apartments was built in 1988 and is situated on 1.64 acres. The apartment community offers one- and two-bedroom pet-friendly units as well as assigned garage parking and a community pool and spa. Located at 1953 Via Reggio Crt in San Jose, the property is in close proximity to schools, outdoor recreation, shopping and dining.

Adam Levin, Robert Johnston and Eymon Binesh with Levin Johnston of Marcus and Millichap represented both the buyer and the seller, a private family.

Levin explains “San Jose is a metro area that is defined by its suburban neighborhoods and large tech campuses including PayPal, Adobe, Cisco and eBay. “The asset is located in the heart of Silicon Valley, a prime rental location for the commuter lifestyle of the tech industry renters. Based on the property’s favorable location, good condition, and below market rents with no rent control, we were able to achieve a strong market cap rate of 5.32 percent.”







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