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.”
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.
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