Campbell Plaza Apartment Complex Sells for $45MM

Silicon Valley San Jose Campbell Los Altos Altos Apartments Campbell Plaza Apartments JP Morgan Palo Alto Mountain View Cupertino Sunnyvale Los Gatos AEW Capital Management Merrill Gardens Sol@Campbell Institutional Property Advisors

ipa-campbell-plaza-0058Nestled in south Silicon Valley just minutes from downtown San Jose, Campbell is a town of roughly 40,000 people that has seen a good deal of transactions over the last few years. The latest is an investment by an entity associated with Los Altos-based Altos Apartments, which purchased the Campbell Plaza Apartments for $45 million, or $371,900 per unit, in a transaction that closed on September 20, 2016.

Altos worked with JP Morgan to secure a loan for $29 million for this asset, according to public documents, which would provide roughly 65 percent financing for the purchase.

The 121-unit Campbell Plaza Apartments was built in 1972. The structure has two stories and 121 newly renovated apartment homes. The asset is located near downtown Campbells at 710 Nido Dr., which is in close proximity to Los Altos creek and nearby thoroughfares, highways 17 and 85. Some of the amenities in the property include a pool and spa, a new fitness center and community club house.

Altos Apartments is a Silicon Valley apartment operator that owns eleven properties, including this one, throughout the South Bay region. Its properties are located in Palo Alto, Mountain View, Cupertino, San Jose, Sunnyvale, Los Gatos and Campbell.

Some recent transactions in Campbell include AEW Capital Management’s September of 2016 purchase of Merrill Gardens senior residences for $88 million, or $603,000 per unit. Earlier this year, Sol@Campbell, a 40-unit apartment community located in downtown Campbell sold for $14 million, $350,000 per unit.

Representatives of Altos Apartments or JP Morgan were not available for comment.

The sale was brokered by Institutional Property Advisors. The team that worked on the sale included Philip A. Saglimbeni, Salvatore S. Saglimbeni and Stanford W. Jones. An email seeking comment on the deal was unanswered.

West Coast Commercial Real Estate News