(EDITOR’S NOTE: The buyer of the property was Essex Properties Trust. The asset has a current occupancy of just north of 95 percent. The projected development cost of the property was $60 million about four months before the development was projected to begin in July of 2012.)
SAN FRANCISCO, CA (October 11, 2018) – HFF announces the $104 million sale of Meridian at Midtown, a 218-unit luxury apartment community with approximately 14,000 square feet of ground-floor retail in San Jose, California.
The HFF team marketed the property on behalf of the seller, Republic Urban Properties LLC, and procured the buyer.
Meridian at Midtown is situated at 1432 W. San Carlos Street less than one mile west of downtown and just north of Interstate 280. The property’s Midtown location has earned it a Walk Score® of 90 and provides a true live-work-play setting in one of the Bay Area’s most sought-after submarkets. Built in 2015, the mid-rise property offers a range of amenities, including three state-of-the-art fitness centers, conference rooms, a resort-style pool with cabanas, community lounge space, dog park, outdoor courtyard, playground and ground-floor retail amenities such as The Breakfast Club and Starbucks. Residential units include a variety of studio, one- and two-bedroom configurations averaging 875 square feet each.
The HFF investment advisory team representing the seller included managing director Scott Bales, director Peter Yorck and analyst Eric Bet.
“Meridian at Midtown’s central location is within a mile of Google’s proposed campus and the Diridon Station development, which will dramatically shift the core of downtown San Jose closer to Midtown and allow the property to continue to experience tremendous rent growth far into the future,” Bales said.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Republic Urban Properties LLC
Republic Urban Properties LLC, a division of the Republic Family of Companies, represents a privately owned, full-service real estate investment, management and development enterprise based in San Jose, California. For over 30 years, Republic and each of its principals have focused on institutional quality real estate, actively managing partnerships and other fiduciary relationships that result in successful real estate investments throughout the United States. Republic’s senior management team has over 150 years of combined experience and has successfully developed and invested in real estate transactions valued in excess of $6 billion.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.