New property is being developed within the Market Park San Jose master-planned community
SAN JOSE, Calif. (November 29, 2017) – Western National Group, a fully-integrated multifamily acquisition, development, construction and property management firm, in partnership with Anchor Real Estate Capital and Fantasia Holding Group, has announced the start of construction of a new 551-unit multifamily community located within the Market Park San Josemaster-planned community. The 120-acre Market Park is one of the largest planned mixed-use developments in the history of San Jose, California.
When complete, the new multifamily project will consist of 551 units and approximately 37,500 square feet of retail. The Platform is slated to deliver units in Q3 2019.
The new development, branded as “The Platform,” will be the closest apartment community in walking distance to the new Berryessa BART transit station, according to H. Jon Paynter, Managing Director, Development, Western National Properties.
“This project is ideally situated to offer the San Jose community much-needed high-quality suburban infill housing in an established residential neighborhood at the center of a thriving commercial center,” says Paynter. “Further, based on lack of available land, this will be the only asset of its class and strategic location in this market.”
The Platform will offer upscale amenities and luxury finishes, giving individuals and families not yet ready to invest in a home purchase access to a high quality of life, according to Paynter.
The Platform will offer two resort-style pools, two fitness centers with indoor-outdoor convertible space, multiple high-end outdoor kitchen areas, a dog salon, two bike stations for maintenance and storage, and two clubhouses with indoor entertainment and gaming facilities.
“We have planned The Platform as a lifestyle-oriented community that delivers best-in-market amenities and design features,” Paynter explains.
In addition to its high-quality features, Paynter notes that the property’s many future retail shops and restaurants will offer convenience and a sense of community to future residents.
“By ensuring that The Platform is fully appointed with the latest in lifestyle amenities and is tenanted with strong local retailers, our residents will enjoy a high quality of life and a connection to all the services they need for daily routines,” he says. “Residents will be able to walk downstairs to enjoy a cup of coffee, drop off laundry, have lunch or dinner, and visit other day-to-day convenience shops without ever having to use a car.”
The Platform is a Transportation Oriented Development (TOD), strategically situated adjacent to the planned Berryessa Bay Area Rapid Transit (BART) extension station.
“The development’s close proximity to San Jose’s only BART station will connect residents to various Bay Area destinations and allow them to travel to the East Bay and San Francisco,” adds Paynter.
The station will open in June 2018 with trains arriving at the station approximately every seven and a half minutes.
“The new Berryessa station, which will be the southernmost BART station to open, will offer residents the opportunity to live in San Jose and easily commute to major nearby employment centers,” Paynter says.
Employers that are easily accessible to residents of The Platform include major companies such as Adobe, Apple, Cisco, Tesla, Netflix, and San Jose State University.
“There are plans in place for a future BART station in downtown San Jose, which will further connect our residents with employment and entertainment options throughout the region,” Paynter notes. “The Platform’s close proximity to public transit and major urban centers will provide renters with safe and comfortable suburban living with the option to easily visit the area’s urban center.”
Master-Planned Mixed-Use Development
In addition to The Platform, Market Park San Jose offers townhomes and a future major grocery-anchored retail center, as well as restaurants, two neighborhood parks, lush greenbelts, an on-site hiking trail, and nearly 2 million square feet of office space.
Located in North San Jose, the master-planned, mixed-use development is situated in close proximity to major freeways, including Highway 101, I-680, I-880, and Highway 87. The site is also in close proximity to Mineta San José International Airport and is surrounded by multiple parks and recreational, entertainment, educational, and business points of interest.
About Western National Group
Western National Group is a 59-year-old, fully-integrated multifamily acquisition, development, construction and property management firm headquartered in Irvine, California. Western National Group is one of the nation’s largest multifamily owners/developers. Since its inception, the company has acquired or developed more than 50,000 apartment units. Western National Group has a portfolio under management of more than 23,000 apartment units. The company maintains relationships with several institutional, public, and private capital partners. Additional information is available at www.wng.com.
About Anchor Real Estate Capital
Anchor Real Estate Capital is a private equity investment management firm focusing on the acquisition, development, and management of real estate assets in the United States. Headquartered in Irvine, California, Anchor facilitates Asian capital (institutional, family offices, and high net worth investors) investment into the United States. Anchor currently targets residential development opportunities including market-rate multifamily, student housing, and senior housing in key West Coast markets. Additional information is available at www.anchorrecapital.com.
About Fantasia Holding Group
Founded in 1998, Fantasia is a leading property developer and property related service provider in China. Fantasia conducts full-range of operations and community services, covering eight major areas of value-added services in 181 cities in mainland China. In 2016, Fantasia recorded revenue of approximately RMB 10.9 billion (approximately USD 1.6 billion). The scale of communities managed by the holding subsidiaries of the Group exceeded 395 million square meters (approximately 4.3 billion square feet). Fantasia established strategic investment relationship with Anchor in 2016 to lead its U.S. real estate investment efforts. Additional information is available at www.cnfantasia.com.