San Jose, Calif., – 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 Avenel Apartments, a 168-unit garden-style multifamily complex located in the “Capital of Silicon Valley.” The sales price of $38,000,000 equates to approximately $226,000 per unit.
IPA executive vice president investments Stanford Jones, IPA vice president investments Salvatore Saglimbeni and IPA vice president investments Philip Saglimbeni advised the seller, Fairfield Mabury Village LLC. The buyer is King-Mabury Fee Owner LLC (TruAmerica Multifamily).
“San Jose has demonstrated tremendous market fundamentals during the last 12 months,” says Jones. “Rents have grown 8 percent and average occupancy is over 95 percent. High median incomes and continued employment growth in Silicon Valley should continue to drive the property’s income.”
“Avenel Apartments’ urban infill location is minutes from San Jose’s thriving downtown as well as major employers in Silicon Valley’s Golden Triangle,” adds Salvatore Saglimbeni. “The city’s long anticipated Bay Area Rapid Transit (BART) station, currently under construction, is ideally situated just a few blocks from Avenel, offering residents a transit-oriented community.”
Built in 1987 on 8.5 acres, the property is located at 50 North King Road in San Jose, Calif. The location provides residents with convenient commutes throughout Silicon Valley via interstates 680 and 880, state routes 87, 85, 237 and 17 and U.S. Highway 101. Caltrain, the Bay Area’s commuter train line, and the Santa Clara Valley Transportation Authority light rail network are just a short drive from the property.
Avenel Apartments is situated in a lush park-like setting with open greenbelts, ponds, fountains and bridged walkways. The property features a low density of 19.7 homes per acre; a swimming pool and spa with Wi-Fi access, a furnished sundeck and barbecue; a fitness center with cardio- and weight-training equipment; an elegant clubroom and carport parking.
The community includes efficiently designed one- and two-bedroom floor plans that average approximately 722 square feet. The fully equipped and remodeled gourmet kitchens include new appliances, built-in microwave, white cabinetry, garbage disposal and breakfast bar. The apartments also have laundry closets with in-home stackable washers and dryers and separate dining areas with modern ceiling fans and lights.
About Institutional Property Advisors
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 and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.