The 238-unit Foundry Commons asset sold to Tilden Properties for $110.25 million.
SAN JOSE—Foundry Commons, a recently constructed 238-unit luxury apartment complex, recently sold to Tilden Properties for $110.25 million. The seller, Cityview, was represented by Institutional Property Advisors/IPA, a division of Marcus & Millichap.
“Located just south of downtown San Jose, Foundry Commons provides residents immediate access to major employers, public transportation and excellent retail, dining and entertainment venues,” said Salvatore Saglimbeni, IPA senior director. “The property is situated among many expanding technology companies, including the proposed new Google campus, currently estimated to bring up to 25,000 new jobs.”
IPA's Saglimbeni, Stanford Jones, Phil Saglimbeni, Greg Harris, Kevin Green and Joseph Grabiec were on the seller team.
“The number of potential new jobs and additional office space that Google's proposed campus is slated to bring will greatly impact the area around Foundry Commons,” said Jeff Tripaldi, managing partner with Tilden Properties. “It's estimated that 50% of the people who would work in the Google village will live within a short distance of their jobs. We are also excited about Adobe breaking ground on their fourth tower in 2019. These expansions, among others we are seeing in downtown San Jose, will continue to transform the area.”
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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.
