3D Investments Pays $185M for San Jose Apartment Tower
Beverly Hills, CA-based 3D Investments shows confidence in the Downtown San Jose multifamily market, purchasing Centerra, a 21-story apartment tower on Almaden Avenue in San Jose, CA. The firm bought the property for $185 million from AFL-CIO Building Investment Trust, advised by PNC Realty Investors.
The high-rise totals 325,000 square feet of residential space and 7,000 square feet of retail. Built as apartments with condo mapping in place, Centerra offers one-, two- and three-bedroom units including townhomes, live-works, lofts and junior units. Community amenities include a pool and spa, media lounge, outdoor gathering spaces and a fitness center.
“We are proud to have represented our client in this sale of this highly unique luxury property,” said Newmark’s Scott Bales who represented the seller in the transaction along with the firm’s David Hosler. “Centerra is one of the only high-rise apartment towers in Silicon Valley and is located on the best block in Downtown San Jose.” Newmark’s Ramsey Days and Chris Moritz arranged the acquisition financing.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.