Two South Bay apartment complexes fetch $246M

Buildings sold in two separate deals in Milpitas and San Jose

From left: Klingbeil Capital Management's Anne Klingbeil Ryan, MG Properties' Mark Gleiberman, and Capital Management's Kristen Klingbeil-Weis with 312 Gates Dr and 1277 San Tomas Aquino Rd
From left: Klingbeil Capital Management's Anne Klingbeil Ryan, MG Properties' Mark Gleiberman, and Klingbeil Capital Management's Kristen Klingbeil-Weis with 312 Gates Dr and 1277 San Tomas Aquino Rd ( Eleanor Apartments, Rocket Reach, Fisher, MG Properties, KCM)

Two deals in South Bay reached nearly a quarter-billion dollars combined.

Investors bought a 333-unit complex in Milpitas and a 116-unit complex in San Jose in separate transactions, the San Jose Mercury News reported.

MG Properties, based in San Diego, paid $193 million for the Eleanor Apartments at 312 Gates Drive in Milpitas. The per-unit-price was nearly $580,000.

The seller was SummerHill Apartment Communities, a division of SummerHill Housing Group, based in San Ramon; The Resmark Cos., based in Los Angeles; and Kennedy Wilson, based in Beverly Hills.

The Eleanor complex, built last year, includes 10,000 square feet of ground-floor shops and restaurants.

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Affiliates of Klingbeil Capital Management, based in Virginia, paid $53.3 million for the Via Reggio Apartments at 1277 San Tomas Aquino Road in San Jose. The per-unit-price was nearly $459,000.

The seller was not disclosed.

Klingbeil Capital borrowed $25.5 million from PNC Bank National Association to buy the 3-acre Via Reggio complex, according to county records.

Dana Bartholomew

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