SRGNC Purchases Emerald Glen Condominiums and Plans to Rebrand as Aviara
SAN JOSE, CA – Sares Regis Group of Northern California (SRGNC) is pleased to announce the closing of Emerald Glen Condominium Homes today in San Jose, CA. This newly constructed and vacant 46-unit condominium project was acquired by SRGNC from a national lender who foreclosed on the property in 2012. “This acquisition exemplifies our firm’s continued commitment to seeking value add investments that leverage the breadth of our vertically integrated structure and capabilities,” said Kenneth Gladstein, Chief Investment Officer at Sares Regis Group of Northern California.
Emerald Glen is an attractive four-story stucco building with 46 completed condominium units and 77 subterranean parking spaces. Project amenities include an on-site spa, landscaped outdoor courtyard with ample seating, multiple BBQ facilities and an adjacent public park. “Immediately after closing SRGNC intends to complete the installation of appliances, floor coverings and window treatments in all units as well as the build out of a leasing office.” SRGNC will also re-brand the property under the name Aviara and will operate it as a Class A rental property. “With its desirable location, secure parking and superior finishes, Aviara will easily be the highest quality rental property in its submarket.”
Aviara is in close proximity to some of the largest high tech companies in the world. It is also less than four miles from San Jose’s thriving downtown district, home to hundreds of employers, restaurants, bars, performing arts, museums and sporting venues. The property provides convenient access to Mineta San Jose International Airport, Caltrain and the VTA Light Rail Network. Commuters enjoy easy access to Interstates 680 and 880, State Routes 87, 237, 85 and 17 and U.S. Highway 101. Aviara is also conveniently located adjacent to the Regional Medical Center of San Jose, currently undergoing a $300 million expansion to include a new 160,000-square-foot hospital tower and 2-story hospital wing.
The property was purchased for $11.35 million. Debt financing for the transaction was provided from Berkadia Commercial Mortgage. SRGNC will lease the now vacant property and plans to refinance a longer-term loan upon stabilization of the asset. “We believe that with our acquisition price well below replacement cost, this investment will generate very attractive cash flow while also providing significant appreciation potential over a longer holding period.”
About Sares Regis Group of Northern California
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California, and are affiliated with Irvine-based Sares Regis Group. As leading developers and managers of commercial and residential real estate in the western United States, today the companies have a combined portfolio of property and fee-based management contracts valued at more than $4 billion, including 13,000 rental apartments and 15.5 million square feet of commercial and industrial space. Since its inception Sares Regis Group has acquired or developed approximately 44 million square feet of commercial properties and 19,000 multifamily and residential housing units. For more information, please visit: www.srgnc.com.