Stockbridge Pays $104M for Bay Area Property
The luxury residential property is located within walking distance to a future BART train station.
A partnership of Republic Urban Properties LLC and The Core Cos. has sold LINQ, a 230-unit luxury community in the Bay Area of California to Stockbridge Real Estate for $103.8 million. The transit-oriented development is situated less than a half mile from a future BART station, the public transit system that serves the San Francisco area.
Located at 1700 Newbury Park Drive, the community is about 3 miles northeast of downtown San Jose, where 7 million square feet of office space is set to be completed over the next 10 years, San Jose Mayor Sam Liccardo announced in June. The location is also close to three major thoroughfares—U.S. Highway 101 and interstates 880 and 280. Completed in 2017, LINQ houses a mix of studio, one- and two-bedroom apartments with an average size of 818 square feet.
The property features resident amenities including a swimming pool, spa, fitness center, yoga center and 7,400-square-foot roof deck. Unit interiors include stainless-steel appliances, plant flooring, in-unit washers and dryers and balconies. The building also includes more than 11,000 square feet of ground-floor retail, which is currently 100 percent occupied.
A JLL Capital Markets team of Scott Bales, Peter Yorck and Nolan Moore represented the seller and secured the buyer in the deal.
The San Jose multifamily real estate market has been fueled by a strong economy, led by the information and tech sectors, but remains one of the most rent-burdened metros in the country, with the average rent of $2,872 roughly double the national figure, according to a recent Yardi Matrix report. The report also noted that the San Jose rental average is expected to keep growing by 2.4 percent this year.