An apartment complex in San Jose has traded hands in a $52 million deal.
The Fountain Park sold to San Francisco-based Sack Capital Partners and Encinitas-based Las Palmas Housing, the Mercury News reported. The property at 1028 South De Anza Boulevard was built in 1974 and consists of 164 units. The deal with the undisclosed seller works out to $317,000 per unit.
Sack Capital Partners’ portfolio includes approximately 3,000 apartments and condominiums in 15 cities across the Western United States. Las Palmas Housing is a real estate-focused nonprofit dedicated to “acquiring, developing, rehabilitating and supporting affordable housing” with an emphasis on senior and family residents, according to its website.
San Jose has seen several multifamily housing transactions this summer, the most recent being earlier this week.
Real estate firm Standard Communities, nonprofit Housing on Merit and investment company Vistria Real Estate teamed up to buy the Park Kiely Apartments from a Graystar affiliate for $370 million. That marks the priciest amount paid for a residential property in Santa Clara County so far this year with the 948-unit complex at 355 Kiely Avenue going for $390,300 per unit.
In June, Los Angeles-based real estate firm Post Glen Group and Newport Beach-based nonprofit Affordable Housing Access bought the Orchard Glen apartments in south San Jose for $61.1 million. The property at 3975 Seven Trees Boulevard was built in 1978 and encompasses 288 units across nearly a dozen two-story buildings.
These properties have various income restrictions in place for renters. In San Jose, low-income residents make 80 percent or less of the area median income, or $111,700 for one person or $159,550 for a household of four.
Luxury apartment properties in San Jose have also sold in recent months.
In May, an affiliate of Houston-based Hines bought a 108-unit apartment complex in the Santana Row commercial and residential district for $73.9 million. The Levare property at 3003 Olin Road spans two four-story buildings. Last month, Federal Realty Investment Trust began preparing to sell the 212-unit Misora complex in Santana Row.