South Florida
Klingbeil Capital buys Boynton Beach apartments for $52M
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Two South Bay apartment complexes fetch $246M
Buildings sold in two separate deals in Milpitas and San Jose
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.
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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Klingbeil Capital buys Boynton Beach apartments for $52M
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