Luxury Silicon Valley Community Trades for $110M
- Jan 16, 2019
Tilden Properties has acquired Foundry Commons, a 238-unit luxury community in San Jose, Calif., for $110.3 million. Institutional Property Advisors of Marcus & Millichap arranged the sale on behalf of the seller, Cityview.
Foundry Commons is located at 868 South Fifth St., just off Interstate 280, around 1 mile from downtown San Jose. Additionally, the community is situated close to many tech companies, including Adobe─which plans to break ground on its fourth tower this year─ and the proposed Google campus.
“The number of potential new jobs and additional office space that Google’s proposed campus is slated to bring will greatly impact the area around Foundry Commons,” said Jeff Tripaldi, managing partner at Tilden Properties, in prepared remarks. “It’s estimated that 50 percent of the people who would work in the Google village will live within a short distance of their jobs.”
Built in 2016, the three-building property occupies 3.9 acres and comprises a mix of one- and two-bedroom units averaging 836 square feet. The units feature above-standard ceiling heights, washer/dryers and private balconies or patios. Common-area amenities include an outdoor kitchen, a lounge area, sports courts and a resort-style swimming pool.
Institutional Property Advisors’ brokerage team included Senior Director Salvatore Saglimbeni, Executive Director Greg Harris, Senior Directors Kevin Green and Joseph Gabriec and Executive Managing Director Stanford Jones.
Institutional Property Advisors has also recently brokered the sale of The Marc, an 89-unit community in Santa Barbara, Calif.
Image courtesy of Institutional Property Advisors