The five properties are located within two blocks of each other six miles west of Downtown San Jose near Saratoga Avenue. Each property has 13 to 31 units for a total of 100 units. According to Pacific Property, the buildings were built in the late 1950's and early 1960's and feature spacious one, two and three-bedroom floor plans, swimming pools and lush landscaping.
Pacific acquired the properties on behalf of its strategic initiative, the Small Property Investment Program, which specializes in the acquisition of smaller multifamily properties in the Bay Area.
"The combined properties will be renamed 'Saratoga Grove' and substantially upgraded to enhance their appeal to Silicon Valley professionals and renters who desire a contemporary, but reasonably priced, apartment in a prime West San Jose location," says Jay Cross of Pacific Property.
Dave Dematteis of Marcus & Millichap represented both the seller, a private investor, and buyer in the transaction.
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