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7/06/23
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A joint venture of Windy Hill Property Ventures and Rockwood Capital has acquired Vespaio, a 162-unit Class A multifamily community located in a highly amenitized area in central San José, for $83.5 mil ($515k/unit).
Located at 130 Stockton Ave, adjacent to the central business district, the seven-story complex was recently constructed in 2020 and consists of 164.5k sf of residential area and 32.3k sf of commercial space on 1.72 acres.
Strategically positioned right off The Alameda/W Santa Clara St, Vespaio lies across the street from a Whole Foods Market and is a short walk to other major grocers and retail brands, in addition to the SAP Center and an array of restaurants, bars, and entertainment. The property is also walking distance from the planned Google Downtown West campus and surrounded by an abundance of Class A office space housing many major leading global companies. Vespaio is also next to Diridon Station, a major rail and bus transit hub.
Newly built and featuring large floor plans, Vespaio is a LEED Gold-certified property that delivers an upscale living experience. In addition to its advantageous location, the property’s premier on-site amenities have also been a key attraction for renters, including a resort-style pool and spa, clubhouse, fitness center, billiards lounge, co-working space, BBQ area, 96-KW Solar Array, garage parking and EV charging stations, plus over 30,000 square feet of creative office and vibrant ground floor retail space featuring two prominent fitness tenants
Jason Parr, Scott MacDonald, Seth Siegel, John Hansen, Sydney Ladrech, and Brayden Joel with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller, Hudson Companies, a local developer, in the transaction. Terry Daly and Dan McLeod with Cushman & Wakefield’s Equity Debt Structured Financing (EDSF) team in San Francisco arranged the debt acquisition financing for the buyer.
“Vespaio is a strong-performing, best-in-class apartment community with a centralized Silicon Valley location,” said Parr. “Widely recognized as one of the nation’s strongest rental markets, San José maintains solid apartment fundamentals, with rents back in growth mode—and still among the highest in the country—and ongoing low vacancy. The San Jose-Sunnyvale-Santa Clara Metro Area also maintains positive employment growth, gaining nearly 30,000 jobs from May 2022 to May 2023 per the EDD.”
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