San Jose (May 10, 2012) — In the largest multifamily property sale in the Bay Area thus far in 2012, Chicago-based Capri Capital Partners LLC acquired premier high-rise 360 Residences from SJ Real Estate Partners LLC in a $118 million deal, naming Alliance Residential Company as property manager.
The luxe 23-story, mixed-use multifamily tower is located in the heart of downtown San Jose, at South Market and East San Salvador streets, and near the cool, artistic and creative SoFA area. The Alliance operations team is fully familiar with this burgeoning location, currently managing five communities in the immediate and neighboring markets, and 25 communities throughout the greater Northern California area.
“Alliance is excited to deliver exceptional performance for Capri Capital Partners at 360 Residences, an iconic high-rise community in downtown San Jose,” says Annette Thurman, Vice President of Operations for the Northwest. “A tenured local team with an uncompromised track record is already delivering extraordinary results, and Alliance is positioned to provide excellent returns for our client.”
Completed in 2010 as a for-sale condominium project, 360 Residences was converted to apartments in 2011. Since then, the community has positioned itself at the top of the San Jose market, with sweeping views and a sleek design offering fully functional layouts, high-end finishes and a posh amenity package specific to discerning renters.
Floor plans include urban one- and two-bedroom flats and lofts, townhomes with spacious terraces and balconies, as well as lavish penthouses with dramatic views on the 22nd and 23rd floors. Throughout all residences, the community features contemporary finishes and upgrades, including stainless-steel appliances, Italian Del Tongo cabinetry, stone-quartz countertops, chrome fixtures and recessed lighting. The common area amenity package includes a heated swimming pool and spa on a furnished sun deck, 24/7 fitness facility with state-of-the-art cardio and weight training equipment, a contemporary community lounge with fully-equipped kitchen and complimentary Wi-Fi, a resident business center and executive conference room with phone/web conferencing capability, outdoor barbecue and cabana areas for entertaining, and concierge services.
“Alliance is thrilled to have been given the opportunity to take this one-of-a-kind property to the next level,” Thurman adds. “We look forward to enhancing the property so that it clearly stands out as the top-performing community in the South Bay.”
For more information, visit www.360Residences.com.
Company Information: Alliance Residential Company
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 17 regional offices divided among six regions throughout the U.S. Over the past 12 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $7.0+ billion portfolio and 54,000 units in 24 metropolitan markets. Alliance has a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.
Company Information: Capri Capital Partners LLC
Capri Capital Partners is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.