"The Atrium Garden apartment complex in San Jose was bought for $18.5 million by a Bay Area real estate investment group, documents filed on Oct. 23 with the Santa Clara County Recorder's Office show. Interstate Equities, a Los Altos-based real estate firm that acted through an affiliate, bought the 160-unit complex at 1536 Kerley Dr., county records show. The four-story building was built in 2000."
"ViO, a 234-unit apartment complex in South San Jose, was bought in late September for $100 million, or $427,400 a unit. Other apartment deals in San Jose and other South Bay cities this year frequently fetched prices that topped $350,000 a unit. Demand to rent apartments could be on the rise in the South Bay, according to a second-quarter apartment market report produced by commercial real estate firm Marcus & Millichap."
Interstate Equities, through an affiliate, paid $18.5 million for the 160-unit Atrium Garden apartment complex at 1536 Kerley Dr. in San Jose. The four-story building was built in 2000. The purchase price equates to roughly $115,600 per unit, significantly lower than several recent South Bay apartment transactions. ViO, a 234-unit complex, sold for $100 million late in September, about $427,400 per unit, and other deals this year often exceeded $350,000 per unit. A Marcus & Millichap second-quarter apartment market report indicates rising home prices, up 10% in 2024, may push priced-out buyers toward rental demand.
Read at www.mercurynews.com
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