Iconic Silicon Valley Multifamily High-Rise Tower Commands $118 Million
SAN JOSE, Calif., April 17, 2012 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of 360 Residences, a 213-unit luxury high-rise tower in San Jose. The sales price of $118 million represents a price of approximately $554,000 per unit and marks the largest single asset multifamily sale to close in the Bay Area year-to-date.
Stan Jones, an executive vice president investments; Sal Saglimbeni, a vice president investments; and Phil Saglimbeni, a vice president investments, represented the seller, an investment group led by Beverly Hills, Calif.-based Kennedy Wilson.
“Rarely do truly iconic assets like 360 Residences come to market, especially in infill locations with high barriers to entry and severe supply constraints,” Jones says of the team’s most recent transaction in San Jose. “The property’s prime downtown location in one of the strongest job markets with arguably the best demographics in the United States attracted numerous institutional buyers. This underscores the strong demand for high-end product in the Bay Area. Just prior to marketing 360 Residences, our IPA team arranged the sale of 885 Woodside, a newly constructed condominium-quality community on the Peninsula that transacted at approximately $564,000 per unit,” Jones continues.
“360 Residences’ urban core setting with convenient access to hundreds of restaurants, bars, performing arts programs, theaters, museums and sporting venues, combined with the exceptional architecture and finishes of the community, resulted in a rapid lease-up,” adds Sal Saglimbeni. “The property began leasing in April of 2011 and is now leased at 97 percent, demonstrating the strength of the multifamily market in Silicon Valley.”
Built in 2010, 360 Residences’ high-end construction, distinctly urban feel and vibrant downtown location make it the premier rental community in Silicon Valley. The property’s 23 stories are accentuated with unique details, state-of-the-art amenities, elegant interior finishes and unparalleled views of the surrounding area. Floor plans average 1,320 square feet and include lavish penthouses on the 22nd and 23rd floors.
The IPA team of Jones-Saglimbeni has closed approximately half a billion dollars in institutional multifamily transactions since the beginning of 2012, consisting of 10 properties with 2,371 units throughout Northern California and Nevada.
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With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment expertise,
industry-leading technology, superior support services and acclaimed research will offer customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.
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Tagged 360 Residences, Bay Area, California, commercial real estate, High-Rise, Institutional Property Advisors, Kennedy Wilson, Marcus & Millichap, Multi-Family, Multifamily, Northern California, real estate, San Jose, Silicon Valley