San Jose-Area Luxury Property Commands $292M

A joint venture of Carmel Partners and Merlone Geier Partners sold the 330-unit community in Mountain View, Calif.
The Village Residences. Image courtesy of Institutional Property Advisors

Brookfield Properties has purchased The Village Residences, a 330-unit luxury property in Mountain View, Calif. A joint venture of Carmel Partners and Merlone Geier Partners traded the asset for $292 million, Yardi Matrix shows.

Principal Financial Group provided a $147.7 million, seven-year loan to finance the acquisition, according to Yardi Matrix. Institutional Property Advisors of Marcus & Millichap represented the seller in the transaction.

The Village Residences occupies 5.5 acres at 555 San Antonio Road, just off Freeway 82, around 15 miles from downtown San Jose and the San Jose International Airport. The property is situated near major tech companies such as Google, Facebook, Microsoft, LinkedIn, Apple and Amazon. Additionally, the community is within walking distance of the San Antonio Caltrain station, which enables access to the entire Bay Area.

Constructed in 2013, the Class A building encompasses a mix of studio, one- and two-bedroom apartments averaging 787 square feet and features an additional 43,206-square-foot ground-floor retail space. The units feature floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. Property amenities include a fitness center, clubhouse, community room, swimming pool and spa.