Campbell-Based Group Purchases 55-Unit Apartment Building in San Jose for $31.3MM

Cypress Group, San Jose, Campbell, Bay Area, Willow Glen, River Glen Park, Guadalupe River, Beverly Hills, 3D Investments, AFL-CIO Building Investment Trust, Japantown, Northside, Edenvale, Rancho Santa Teresa Mobile Home Estates, Atherton, Santa Teresa LLC, Royal Willow LLC

By Kate Snyder

A recent multifamily transaction in San Jose shows that investors are still interested in the area. Scotia Apartments traded hands for $31.3 million, or approximately $569,090 per unit, according to a report by The Mercury News. The buyer was a group based in Campbell that is led by Yue Mar and Jean Mar. Property records show that the previous owner was Royal Willow LLC, an entity that shares an address with Cypress Group, a real estate development firm based in San Jose.

Scotia Apartments is located at 1785 Almaden Road, on the south end of the city. The five-story building houses 55 residential units in a mix of one- and two-bedroom apartments. Built in 2020, the structure totals 83,064 square feet and sits on 0.97 acres.  The apartment community is also home to various amenities, such as private balconies, storage space, a community room, fitness center, bike barn, courtyard with a barbecue space, electric car charging station and modern architecture, according to the property’s website.

The property is in San Jose’s Willow Glen neighborhood and has access to Highways 87, 280 and 85. The neighborhood attractions include boutiques and restaurants, according to the property’s website, and downtown San Jose is just “a short bike ride away.” Nearby features also include the River Glen Park and the Guadalupe River.

San Jose has seen a steady stream of residential real estate transactions within the city in the past six months.

Another deal was the sale of a downtown highrise for $185 million, or about $533,141 per unit. Entities affiliated with Beverly Hills-based 3D Investments were the buyer, and 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. The tower is situated near both San Jose’s Japantown and Northside neighborhoods.

A mobile home park in the city’s Edenvale district was also 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.

West Coast Commercial Real Estate News