A Beverly Hills investor has paid $185 million for a nearly 350-unit luxury apartment tower in Downtown San Jose.
Three affiliates of 3D Investments bought the 21-story Centerra Apartments at 77 North Almaden Avenue, the Silicon Valley Business Journal reported. The seller was an affiliate of the AFL-CIO Building Investment Trust.
The price was about $533,100 per unit. To complete the deal, 3D took out a $103 million loan from Poppy Bank in Santa Rosa.
The 347-unit Centerra Apartments near San Pedro Square were built in 2016 by Simeon Residential Properties, which brought in the union umbrella organization AFL-CIO trust as a financial partner.
The salmon-and-white luxury tower, designed by Ankrom Moisan, has mostly one- and two-bedroom apartments and includes 7,000 square feet of retail space.
It features floor-to-ceiling windows, an outdoor kitchen and fireplace, a business lounge and conference room, a game room loft and a rooftop swimming pool, hot tub, dog zone and kitchen. Parking is tucked inside the building.
3D Investments, a family-owned firm led by Joseph Daneshgar, has owned and operated retail centers, regional malls, apartment complexes, office buildings and hotels for four decades, with major investments in Nevada.
In January, 3D paid $216 million for Tivoli Village, an open-air mall with 670,000 square feet of offices, shops and restaurants in Las Vegas. It was the biggest mixed-use commercial deal there since 2017.
3D’s purchase is only the latest big-dollar multifamily residential deal in Silicon Valley, according to the Business Journal.
Pacific Urban Investors, based in Palo Alto, this week paid $50.7 million for a 52-year-old apartment complex in Santa Clara. The price was $444,736 per unit.
Also, this month New York-based Zurich Alternative Asset Management paid $53 million for a newly built apartment complex in Santa Clara. The price was $576,087 per unit.
— Dana Bartholomew
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