$ 364 million value of actual property offers in downtown San Jose closes in sooner or later
SAN JOSE – As a sign of amazing interest in downtown San Jose, investors have purchased two large apartment complexes and a large office tower in the urban heart of the Bay Area’s largest city, paying nearly $ 364 million in the process.
The One South Market Apartment Tower, 160 W. Santa Clara St. Office Tower, and Museum Park Apartments in downtown San Jose have all changed hands.
The buyers paid a combined $ 363.8 million for the three large properties, according to Santa Clara County public records.
The investors in the two residential complexes are connected to a large Chinese real estate company. The buyer of the office tower is based in Burlingame. All three property purchases were completed on June 29th.
A South Market on South Market Street and West Santa Clara Street is a blue colored residential tower that was purchased for $ 175 million. The 23-storey residential high-rise has 312 residential units.
160 W. Santa Clara St. on West Santa Clara Street and South San Pedro Street were purchased for $ 131.8 million, 30 percent more than the property’s previous sale price in 2018. The 15-story office tower has a total area of 229,000 square meters.
Museum Park, a mid-size apartment complex at 465 W. San Carlos St. near Gifford Avenue, not far from a Google-proposed transit village called Downtown West, was purchased for $ 57 million. The complex has 117 units.
The two residential complexes were both purchased by affiliates controlled by the same company: Lakevision Capital West, based in Costa Mesa, Orange County, according to ownership documents in Santa Clara County and public records on file with government officials.
Lakevision Capital’s website states that the parent company is one of the 10 largest development and management companies based in China.
“The company has a strategy of investing, developing and managing high quality multi-family rental or class A properties for sale in key urban gateway markets with a particular focus on public transportation,” explains Lakevision Capital on its website.
Essex Property Trust, a San Mateo-based real estate investment firm, sold both residential complexes in downtown San Jose.
The buyer of the 160 W. Santa Clara St. office tower is private real estate investor John Barrett, who, according to public records, is the chief executive officer of Barrett Block Partners in Burlingame. Beacon Capital Partners sold the high-rise office building.
In 2018, Beacon Capital Partners paid $ 101.5 million for the office tower. In 2014, the tower was purchased for $ 81 million.
“Downtown San Jose is still attractive despite all the economic uncertainties,” said Eric Fox, executive managing director of Cushman & Wakefield, a commercial real estate company.