Three San Jose apartment complexes encompassing 415 units have been acquired by Irvine-based FPA Multifamily in a deal totaling $135M.

FPA bought the 220-unit Sierrabrook, located a 1265 N. Capitol Avenue for $74.2M, which translates into $245K per unit. Rents at the community, which was built in 1973, range from $2,250 to $2,750 a month.

FPA also acquired the 149-unit Casa Verde Apartments at 2050 McKee Road for $46.2M, and the 46-unit Pacific Terrace West at 496 Boynton Ave. for $14.4M. The sellers were not disclosed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • 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
NOT FOR REPRINT

© 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.

Multifamily