By Meghan Hall
With Google, Adobe, Jay Paul and others planning major projects for San Jose’s downtown, investors are snapping up available assets, many of them for top dollar. In a transaction that closed last week, an affiliate of Northwestern Mutual purchased the 808 West Apartments in San Jose for $184 million, or about $584,000 per unit. The seven-story, 315-unit complex was completed in 2017 and is just a brief walk from Diridon Station, which will see its own renaissance thanks to Google in the coming years. The property was developed and sold by San Diego-based Fairfield Residential.
The Mercury News was the first to report the transaction.
The property is located at 808 W. San Carlos St. and has studios, one- and two-bedroom units ranging in size from about 550 square feet to more than $1300 square feet. Apartments come equipped with white subway tile backsplashes, quartz kitchen countertops, vertical grained cabinetry and wood-style flooring in the kitchen and living room. USB charging outlets and washer and dryer units are also included in the units.
Community amenities are also extensive, and a social lounge with full kitchen, television and games, as well as a dual-level fitness center, are a part of the property. A dog wash station, puppy spa, as well as a central pool and co-working spaces are also accessible to residents.
However, the complex’s location within walking distance of Diridon and a short train ride to downtown San Jose is perhaps the most valuable amenity for residents.
“Location, location, location. It’s not just about what you live in, but where you live,” states Fairfield on its website. “Surrounded by the famous Silicon Valley, San Jose is also one of the top locations for tech-industry professionals. Many of our residents take advantage of the short distance between 808 West and the large number of job opportunities in surrounding areas. Our apartment community is less than fifteen miles from Silicon Valley, making it an ideal place to call home for professionals working in the tech industry.”
In recent years, there has been a flurry of development activity occurring in downtown San Jose and Diridon, for which Google formally submitted its plans for 80-acres near the transit hub in October of last year. Boston Properties, TMG and Valley Oak Partners are working together on Platform 16, a 1.1 million square foot Class A office development also near Diridon. Also in October of last year, Jay Paul received the green light from San Jose City officials to move forward with 200 Park an 875,000 square foot office tower, that like other developments in the area, will continue to drive demand for housing.