SAN JOSE, CA-Construction is underway on ASCENT, a 650-unit luxury apartment community that could open as early as spring 2015.

Shea Properties and Ivanhoé Cambridge say the project, featuring one- to three-bedroom residences represents an investment of more than $200 million.

“ASCENT brings a new level of resort-style living to San José,” said Greg Anderson, SVP of Multi-Family Acquisitions and Development for Shea Properties. “The area is extremely competitive, as there are so many large employers. In order for us to attract renters to our community, we need to offer something more compelling.”

Sylvain Fortier, EVP, residential, hotels and real estate investment funds, Ivanhoé Cambridge added: “We're very proud to bring ASCENT to life in a market we strongly believe in and in which we have invested significantly over the past two years. It allows us to diversify our rental offering in Silicon Valley. Like Shea Properties, our well-established expert partner in high-end real estate in the U.S., we believe ASCENT will redefine luxury living in the region."

With a focus on outdoor entertainment, the community will include a luxurious, resort-style, saltwater pool and spa, courtyard kitchens featuring professional appliances, BBQ stations, an authentic pizza oven, a comprehensive fitness center, a yoga courtyard, and a sprawling park with more than one acre of space for residents to enjoy.

Located in South San José, ASCENT is one of the many projects underway in the area. Scheduled to begin leasing in 2015, ASCENT will feature luxury units ranging from 700 square-feet for a one bedroom to 1,400 square-feet for a three-bedroom unit. The homes will include mid-century modern influenced architecture, quartz countertops, deluxe stainless steel appliances and premier flooring, cabinetry and fine finishes throughout.

Shea Properties, headquartered in Aliso Viejo, CA, is a diversified real estate company responsible for the acquisition, design, development, construction and management of business parks, shopping centers, apartment communities and mixed-use environments.
Ivanhoé Cambridge is engaged in all aspects of real estate including investment, development, asset management, leasing and operations.