(EDITOR’S NOTE: According public documents reviewed by the San Jose Mercury News, the property sold for $320 million, or $580,762 per unit. The seller of the property was an entity associated with Irvine, Calif.-based Western National Group. The property is located at 1501 Berryessa Rd, San Jose, CA 95133.)
SAN DIEGO, July 28, 2022 — Funds managed by Oaktree Capital Management, L.P. (“Oaktree”), in a joint venture with MG Properties, have purchased The Platform Urban Apartments (“The Platform”), a 551-unit community in San Jose, CA.
The Platform is a transit-oriented mixed-use community with 35,000 sf of ground floor retail, completed in 2019. Located in the Berryessa submarket of San Jose, The Platform is in a premier Bay Area location defined by strong employment growth by established and expanding global technology companies.
“We believe the Bay Area is poised for a recovery and is well priced in comparison to other markets,” MG Properties President Jeff Gleiberman said of MG Properties’ investment. “The Bay Area market is seeing explosive employment growth which we expect to drive multi-family demand.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “We are excited about our partnership with MG Properties to acquire The Platform, which we believe is a high-quality asset in the attractive multi-family sector. This transit-oriented, luxury community asset will strongly benefit from the Bay Area’s continued economic recovery from the pandemic.”
The Platform Urban Apartments is a luxury community with an attractive contemporary design, an expansive resort-style common area amenity package, and well appointed, functional floorplans.The sellers were represented by Eastdil Secured. The acquisition of the community was financed with a loan from TPG Real Estate Finance Trust Inc., an affiliate of alternative asset management firm TPG, arranged by Eastdil Secured.
Oaktree is a leader among global investment managers specializing in alternative investments, with $164 billion in assets under management as of March 31, 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide.
ABOUT MG PROPERTIES
MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 88 communities.
TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG).