As the area’s office sector is set to greatly benefit from the fact that Silicon Valley is currently regarded as the most tech-friendly real estate market in the entire country, investors are taking time to focus on an impending housing rise. Transactions and new development projects should pour in over the following timeframe as the area looks to fulfill its obvious potential.
A San Jose apartment community recently traded hands for a total of $22.9 million, as seller VirtúInvestments gave up the Los Gatos Creek Apartments to an affiliate of Mayfield companies from Palo Alto. CBRE represented both parties in the transaction. Located at 1029 Meridian Avenue, the 84-unit residential community was snapped up for a per-unit price of around $272,700, The Silicon Valley Business Journal reports. According to that same source, the new owner is ready to start a renovation project at the property. The last such operation to have taken place at the property was carried out in the 90s.
In other real estate news from the city of San Jose, it was recently revealed that a former used-car lot will be the site of a new residential project. Developer SiliconSage Builders is set to construct a 100-unit property at 180 Balbach Street. The forthcoming development will feature immediate proximity to the McEnery Convention Center and Craftsman-style architecture compatible with the area. The for-sale community would cement the Santa Clara-based developer’s position in this local. SiliconSage currently boasts a residential development pipeline of around 650 units, SVBJ writes. The fact that the project is a for-sale community indicates the strength of the area’s residential market, and the faith that developers currently have in the Silicon Valley.