3D Investments Buys 347-Unit Centerra in San Jose for $185MM

San Jose, AFL-CIO Building Investment Trust, 3D Investments, Centerra, St. James Park, San Pedro Square Market Bar, Hart’s Dog Park, St. James Station, San Jose International Airport, Oakland International Airport

By Kate Snyder

A downtown San Jose highrise has traded hands in one of the city’s larger deals in recent months. Entities affiliated with Beverly Hills-based 3D Investments purchased the 21-story Centerra in downtown San Jose for $185 million, or about $533,141 per unit, according to The Mercury News. The seller was an entity affiliated with the AFL-CIO Building Investment Trust.

Built in 2015, the tower is located at 77 N. Almaden Ave. and offers one-, two- and three-bedroom apartments, according to Apartments.com. Amenities include stainless steel appliances, walk-in closets and a recreation room. The tower is situated near both San Jose’s Japantown and Northside neighborhoods, and nearby attractions include the St. James Park, San Pedro Square Market Bar and Hart’s Dog Park, according to Google Maps.

According to Apartments.com, Centerra is three miles away from San Jose International Airport and 36 miles away from Oakland International Airport. The St. James Station northbound is just 0.3 miles from the tower.

Other residential real estate activity has been recorded recently in San Jose.

One example is a deal that closed Oct. 13 for a mobile home park in the city’s Edenvale district. That property sold for $40.7 million, according to previous reporting from The Registry. Located at 510 Saddle Brook Drive, Rancho Santa Teresa Mobile Home Estates was acquired by a family trust headed by John Worthing and Margaret Worthing and based in Atherton, Calif. The seller in the transaction was an entity affiliated with Santa Teresa LLC, which initially acquired the asset in 2003.

In another recent sale, FPA Multifamily acquired a three-building multifamily portfolio for $134.8 million. Totaling 415 residential units, those properties included Sierrabrook Apartments at 1265 N. Capitol Ave., the Casa Verde Apartments at 2050 McKee Road and Pacific Terrace West at 498 Boynton Ave.

West Coast Commercial Real Estate News