Urban Villas lists apartment project in San Jose for $41M

Cupertino-based Urban Villas has listed a 237-unit residential project for sale, according to a marketing brochure from DevCo CRE. The development is located near the Diridon Station in San Jose and has an asking price of $41 million. 

The project is located at 1530-1544 West San Jose Street. If the new owner opts to continue with Urban’s plans, the proposed building will be 92 feet tall and expected to span 353,000 square feet. That includes 194,560 square feet of rentable residence space plus 16,980 square feet for retail. Residential amenities will include valet parking, common areas, a workspace, a library and a fitness center. Locally-based Studio Current is the project architect.

Including the $41 million asking price, DevCo is estimating construction costs will total $135 million. Entitlements are expected to be received this month and construction is projected to start six months later. The project should take a little over two years, with completion scheduled for January 2026.

Urban Villas’ project joins a number of planned developments that have come on the market since the start of the year. LMT Home has listed the site of a retail-to-residential conversion in Redwood City for $34 million. The project aims to bring 72 units to market. 

Z&L properties has offloaded assets at a time when one of its top executives was arrested in London on bribery charges. The company’s pair of luxury towner developments in San Jose is on the market seeking $300 million. The company also has another project in San Jose, which could bring 430 apartment units to the city, on the market for an undisclosed amount. 

This offloading of assets in the South Bay comes at the same time as other projects fall into default or face financial uncertainty. Villa Developments and Investments was forced to default on its loan on a 170-key hotel project in San Jose after the loan fell into delinquency; it is scheduled to be sold off by First Credit Bank. Two other hotel developments in North San Jose have fallen into default as well.