Oaktree, MG Properties Purchase Bay Area Community
TPG Real Estate Finance Trust provided acquisition financing.
Oaktree Capital has teamed up with MG Properties to acquire The Platform Urban Apartments, a 551-unit multifamily asset in San Jose, Calif. Eastdil Secured represented the seller and arranged the acquisition financing, which was provided by TPG Real Estate Finance Trust.
Built in 2019, the luxury community is LEED Silver certified. The floorplan mix features one-, two- and three-bedroom units ranging from 622 square feet to 1,424 square feet. The residences are equipped with digital locks, hardwood floors, as well as washers and dryers. Common-area amenities include a fitness center, a business center, a clubhouse, two swimming pools, two spa centers and 551 parking spots, according to Yardi Matrix.
Located at 1501 Berryessa Road, the three-building asset is situated between Interstate 880 and Interstate 680, 3 miles from downtown San Jose, 5.8 miles from Cisco Systems and 13 miles from Googleplex, the corporate headquarters complex of Google, one of the area’s largest employers. Fremont is 17 miles away, while San Francisco International Airport sits within 35 miles from the property.
The Platform Urban Apartments also features 35,000 square feet of ground retail space, benefiting from Berryessa Road’s street exposure.
Oaktree specializes in alternative investments, with a focus on value-add opportunities. The company had $164 billion in assets under management as of the end of March 2022. According to a recent Yardi Matrix report, San Jose ended 2021 on a positive note, with a peak in rent growth in August and a cool off by the end of the year. As of November, the metro gained 48,000 new jobs, while unemployment clocked in at a tight 3.0 percent as of December, Silicon Valley’s best figure since March 2020.