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FPA Buys Silicon Valley Apartment Trio for $135M
San Francisco-based FPA Multifamily has purchased three San Jose, CA apartment complexes for a combined $135 million, or $245,000 per unit. The sellers in the transactions were not disclosed. According to the Bay Area News Group, the firm also acquired a downtown Oakland residential tower in August of this year.
The multifamily communities purchases, which total 415 units are:
- Sierrabrook, a 220-unit complex located at 1265 N. Capitol Ave., purchased for $74.2 million
- Casa Verde, a 149-unit community located at 2050 McKee Road, bought for $46.2 million
- Pacific Terrace West, a 46-unit property located 496 Boynton Ave., grabbed for $14.4 million
According to the FPA website, “FPA Multifamily has transacted on approximately over $20 billion of apartments totaling 700 buildings in excess of 130,000 units. FPA Multifamily has marketplace credibility built on over three decades of investing.”
- ◦Sale/Acquisition
