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Federal Realty Sells Santana Row Apartments
(Updated with additional information)
Federal Realty Investment Trust said Wednesday it had sold Levare, a 108-unit Class A residential building located within Santana Row in San Jose, for $74 million. Although Federal Realty didn’t identify the buyer, the Silicon Valley Business Journal reported it as a Hines affiliate. Delivered in 2011, the property was 95% leased at the time of sale.
The REIT said Levare had reached a point in its life cycle where the company could monetize the apartment property’s value and reallocate capital toward higher-return opportunities. “This transaction reflects our ability to unlock value at the right time and put capital to work where we see the greatest long-term upside,” said Jan Sweetnam, EVP, CIO at Federal Realty.
Added Will Purcell, director at Eastdil Secured, “Levare represents the type of high-quality, well-located multifamily asset that continues to draw strong institutional interest, even in a selective investment environment.”
- ◦Sale/Acquisition
