Hines Nabs Luxury Apartment Complex in Santana Row

Hines has picked up an 108-unit apartment complex in San Jose’s Santana Row for $73.9 million.

An affiliate of the Houston-based developer bought the Levare, a four-story, two-building complex at 3003 Olin Road, the San Jose Mercury News reported.

The seller was an affiliate of Federal Realty Investment Trust, the Maryland-based developer that built the 42-acre office and retail village almost a quarter century ago.

The deal works out to $684,259 per unit.

Levare, a luxury complex built in 2011 on 1.5 acres at a cost of $25.2 million, contains one-, two- and three-bedroom units from 748 to 2,399 square feet, according to Swenson, its general contractor, and Apartments.com. Apartments rent for between $3,398 and $9,022 a month.

It has a pool, lounge, fitness center, game room, cabana, courtyard, grill and picnic area.

Levare is on the east side of Santana Row, a mixed-use district with shops, restaurants, homes, offices, hotels and entertainment hubs.

Santana Row has been on a hot streak, with lease deals that have attracted office, retail and restaurant tenants to the neighborhood, according to the Mercury News.

In March, two artificial intelligence firms signed office leases at One Santana West, a 375,000-square-foot office building at 3155 Olsen Drive, owned by Federal Realty Investment Trust. A month earlier, three more companies signed leases.

Accounting firm PwC made headlines last spring when it moved its San Jose offices to One Santana West, in one of the biggest office deals since the pandemic at 141,000 square feet. It plans to set up shop next year.

Federal Realty Investment Trust, a real estate investment trust founded in 1962 in North Bethesda, near Washington, D.C., has $8.62 billion in assets, according to a first-quarter earnings report.

Hines, founded in 1957 by Gerald Hines, had $90.1 billion in assets as of Dec. 31, including 108 million square feet in 428 properties in 30 countries, according to its website.

— Dana Bartholomew