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California  + Bay Area  + Apartments  | 

Waterton Adds San Jose Apartments to Bay Area Portfolio

(Updated with additional information)

Waterton, a national real estate investor and operator, has acquired Misora, a 212-unit mid-rise apartment community located at 388 Santana Row in San Jose. Separately, Federal Realty Investment Trust said it was the seller and that the sale price was $148.5 million. Waterton will institute a broad value-add program to upgrade residences and revitalize the amenity spaces.

“We’re currently seeing favorable market dynamics and strong supply-demand fundamentals prevail across the Bay Area and throughout Silicon Valley,” said Ben Slack, VP, acquisitions at Waterton. “Demand continues to be driven by the tech sector in this high-barrier-to-entry district that hasn’t seen a new apartment delivery in nearly a decade.”

Built in 2013, Misora offers a variety of larger-than-average floorplans across studio, one-, two- and three-bedroom configurations. The acquisition brings Waterton’s owned and managed multifamily portfolio to more than 920 units in the Bay Area.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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