JB Matteson Acquires Silicon Valley Property

The newly built Ilara apartments have been bought by JB Matteson for $102 million.
JBMatteson

Ilara Apartments

San Mateo, Calif.—JB Matteson has announced the acquisition of a 200-unit luxury apartment community in Silicon Valley, Ilara Apartments.

The community, which was built this year, totals 182,795 square feet and is conveniently located at the East Bay’s at the doorstep of the employment centers. It is regarded as one of the top-of-market apartments with an amenity package that includes a state-of-the-art fitness center, business center with cyber cafe, private work pods, fourth floor sky deck, resident lounge and gaming room. Outdoor amenities feature a heated, resort-style swimming pool and spa with a furnished sundeck, fireplace, two barbecue areas and an enclosed dog park. Studio, one-bedroom, and two-bedroom floor plans average 914 square feet and unit amenities include central HVAC, washer/dryers, contemporary cabinetry, quartz countertops, stainless steel appliances, four designer interior plans and on-site structured parking.

“The proximity to numerous large Silicon Valley employment centers make this a compelling location. We liked the walking access to the Great Mall and public transportation, including the LTA light rail and the new BART station under construction,” said John Bellack, co-president and chief investment officer at JB Matteson Inc. “Additionally, the high quality design and improvements make this an attractive property.”

Ilara Apartments is located within 500 feet of the Great Mall/Main Transit Center. These transit options provide direct connectivity to major employment centers, including North San Jose, Santa Clara, Sunnyvale, Mountain View, downtown San Jose, Campbell and South San Jose.

Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA Institutional Property Advisors represented the seller. Dennis Williams of NorthMarq Capital arranged the acquisition financing.

Photo courtesy of Chase PR