FPA Multifamily Acquires 415-Unit Multifamily Portfolio in San Jose for $134.8MM

FPA Multifamily, San Jose, Sierrabrook Apartments, Casa Verde Apartments, Pacific Terrace West, Kennedy Wilson, Merrit on 3rd, Oakland

By Catherine Sweeney

FPA Multifamily is continuing its expansion across the Bay Area, recently acquiring a three-building multifamily portfolio in the region. According to the Mercury News, which first reported on the sale, the portfolio was acquired for a total of $134.8 million. 

Totaling 415 residential units, the recently acquired properties include Sierrabrook Apartments, which is located at 1265 N. Capitol Ave.; the Casa Verde Apartments, located at 2050 McKee Road; and Pacific Terrace West at 498 Boynton Ave.

According to Apartments.com, the Sierrabrook Apartments total 220 apartment units. Built in 1973, the property offers one- and two-bedroom options with rent ranging from $2,250 to $2,750 per month. The property was sold for $74.2 million, or roughly $337,272 per unit.  

The Casa Verde Apartments – which include 149 studio, one- and two-bedroom units – were sold for $46.2 million, or about $310,067 per unit. The two-story property was built in 1972 and offers rental rates ranging from $1,936 to $2,913 per month, Apartments.com shows. 

Of the three transactions, the smallest was the Pacific Terrace West apartments. The 46-unit property sold for a total of $14.4 million, or about $313,043 per unit. The property contains a mix of one- and two-bedroom apartment units ranging in price from $2,513 to $2,873 per month. 

All apartment buildings also offer a number of amenities, including laundry services, pools, picnic areas and more. 

The recent acquisitions add to FPA Multifamily’s strong presence in the Bay Area. In August, for instance, the company acquired the Merrit on 3rd, a 178-unit apartment building at 1130 3rd Ave. in Oakland. The 18-story apartment building was sold by Kennedy Wilson for $55.5 million, or about $311,797 per unit, according to previous reporting from The Registry. 

Founded in 1985, FPA Multifamily is a real estate company focusing on the acquisition, disposition and asset management of apartment buildings across the United States. According to the company’s website, FPA’s total transaction history includes approximately 700 buildings with more than 130,000 units.

West Coast Commercial Real Estate News