MILPITAS, CA—With housing demands continuing to come from tech workers, multifamily properties seemingly cannot be built fast enough and are quickly snapped up by investors. A 200-unit apartment community built this year, Ilara Apartments, fits that category after being acquired by private real estate investment manager, JB Matteson Inc. The price was undisclosed.
Totaling 182,795 square feet, Ilara Apartments is strategically located just at the confluence of Silicon Valley and the East Bay's burgeoning employment centers. Ilara is one of the newest apartment communities with a top-of-market amenity package and transit-orientated location.
"The proximity to numerous large Silicon Valley employment centers makes this a compelling location. We liked the walking access to the Great Mall and public transportation, including the LTA light rail and the new BART station under construction," said John Bellack, co-president and chief investment officer at JB Matteson Inc.
The community features a fitness center, business center with cyber cafe, private work pods, fourth floor sky deck, resident lounge and gaming room. Outdoor amenities include a heated, resort-style swimming pool and spa with a furnished sundeck, fireplace, two barbecue areas and an enclosed dog park. Studio, one-bedroom, and two-bedroom floor plans average 914 square feet. Unit amenities include washer/dryers, quartz countertops, stainless steel appliances, four designer interior plans and abundant on-site structured parking.
Ilara Apartments is located within 500 feet of the Great Mall/Main Transit Center, serviced by both VTA light rail and bus routes, as well as AC Transit. These immediate transit options provide direct connectivity to major employment centers, including North San Joe, Santa Clara, Sunnyvale, Mountain View, downtown San Jose, Campbell and South San Jose.
Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA Institutional Property Advisors represented the undisclosed seller. Dennis Williams of NorthMarq Capital arranged the acquisition financing.
Jones tells GlobeSt.com: "The property is located with a balance of housing and jobs in mind. The proximity to the Warm Springs/South Fremont BART station, which will eventually connect to the Berryessa station in San Jose, will provide easy access to workplaces. Of the 7,000 to 8,000 units under construction in 2014, most have been leased up, which speaks to the housing demand we are facing."
As previously reported, numerous multi-family projects are underway in and around Milpitas, CA.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
