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8/03/22
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A joint venture made up of funds managed by Oaktree Capital Management, L.P. and MG Properties has purchased The Platform Urban Apartments, a 551-unit multifamily community in San Jose, in a $320 mil transaction. Completed in 2019, The Platform is a transit-oriented development that also includes 35k sf of ground floor retail space.
The Platform is located at 1501 Beryessa Rd in the Berryessa submarket of San Jose, in a Bay Area location with strong employment growth by established and expanding global technology companies. The development boasts an attractive contemporary design, an expansive resort-style common area amenity package, and well appointed, functional floorplans.
The sellers were represented by Eastdil Secured. The acquisition of the community was financed with a loan from TPG Real Estate Finance Trust Inc, an affiliate of alternative asset management firm TPG, arranged by Eastdil Secured.
“We believe the Bay Area is poised for a recovery and is well priced in comparison to other markets,” MG Properties President Jeff Gleiberman said. “The Bay Area market is seeing explosive employment growth which we expect to drive multi-family demand.”
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