SAN JOSE, CA—GlobeSt.com has exclusively learned that Alterra San Jose, a 144-unit multi-housing community here in San Jose, CA, has changed hands. Pacific Urban Residential and Hunt Cos. were the sellers.
Pacific Urban Residential and Hunt previously acquired the property on an off-market basis in early 2011 experiencing significant increases in rents and value as the San Francisco/Silicon Valley markets began to recover from the financial crisis of 2008-2010.
Sares Regis Multifamily Fund LP purchased the asset subject to the existing Freddie Mac financing. The acquisition is the sixth for Sares Regis since forming its fund in early 2013 with over $100 million in equity commitments. The purchase price was not disclosed.
Alterra San Jose is located near the intersection of Almaden Expressway and CA-87, within walking distance of Caltrain's Tamien Station and less than two miles southeast of downtown San Jose. Originally constructed in 1988, the property features 14 residential buildings with one- and two-bedroom units ranging in size from 750 to 900 square feet. Community amenities include a poolside fitness center, heated swimming pool and spa, and covered parking. At the time of sale the property's unit interiors had not been renovated.
“Alterra offers a solid value-add opportunity to renovate the unit interiors and reposition the property so it competes with neighboring communities while capitalizing on the region's significant employment and rental growth,” says Kenneth Gladstein, co-chief investment officer of the Sares Regis Multifamily Fund.
According to Pacific Urban Residential CEO Al Pace, “we are delighted with the sale and success of this early cycle investment, effectively doubling invested equity in three years. We believe the SF Bay Area remains a prime investment arena and know Sares Regis will do very well with their asset investment plan.”
The HFF investment sales team representing the seller was led by director Nathan Blair of HFF's San Francisco office, with support from capital markets director Charles Halladay of HFF's Orange County office. The buyer was self-represented.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
