Pacific Urban Residential Buys San Jose Apartments for $55.5MM
Pacific Urban Residential Buys San Jose Apartments for $55.5MM
Palo Alto-based Pacific Urban Residential has acquired a total of 193 units comprised of 116-unit Sequoia Glen and 77-unit Orchard Ridge properties in San Jose, CA. While the company declined to state the purchase price and the name of the seller, public records indicate that sale price was $55.5 million, or approximately $287,500 per unit.
“San Jose continues to be a focus of ours based on strong economic conditions. This market has had some of the strongest job growth in the country and correspondingly, solid rent growth. Additionally, the property is situated across from the Valley Transportation Authority light rail station, providing residents with easy access to local and commuter employment nodes” says Kendrick Askew, vice president, Investments with Pacific Urban Residential. The property is located at 2130 Southwest Expressway, according to the property’s Web site.