San Jose Luxury Community Trades for $104M
- Oct 17, 2018
Essex Property Trust has acquired Meridian at Midtown, a 218-unit luxury residential property in San Jose, Calif. Republic Urban Properties LLC sold the community for $104 million. HFF represented the seller and procured the buyer.
Located at 1432 W. San Carlos St., Meridian at Midtown is within a mile of downtown San Jose, near interstates 280 and 880 and Freeway 87. Additionally, the community is less than a mile from Google’s proposed campus and the Diridon Station project. “(These projects) will dramatically shift the core of downtown San Jose closer to Midtown and allow the property to continue to experience tremendous rent growth far into the future,” said Scott Bales, HFF managing director, in prepared remarks.
Built in 2015, the Meridian at Midtown occupies more than 3 acres and comprises a mix of studios, one- and two-bedroom units averaging 875 square feet and featuring washers/dryers and above-standard ceiling height. Communal area amenities include:
- three fitness centers
- conference rooms
- resort-style pool with cabanas
- lounge space
- dog park
- ground-floor retail
HFF’s brokerage team included Bales, Director Peter Yorck and Analyst Eric Bet. Last month, HFF secured $113.5 million in financing for a portfolio of a dozen San Francisco properties comprising 455 units and 13 ground-floor retail suites.
Image courtesy of Yardi Matrix