CHICAGO, IL - Capri Capital Partners, LLC on behalf of an institutional investor, has acquired 360 Residences, a luxury 23-story high-rise mixed-use project containing 213 apartment units and approximately 10,630 sq. ft. of commercial/retail space in San Jose, California. Capri acquired the asset from SJ Real Estate Partners, LLC.
The property, completed in 2010 as a for-sale condominium and converted to apartments in 2011, is serving as a forerunner for the San Jose multifamily market due to its precedent-setting level of premium rental living in the Silicon Valley metro area. Its unique combination of resort-style amenities, spacious and luxurious units, and distinct finishes has separated the asset as a premier multifamily rental property in the area.
Leasing activity began in April of last year. Currently, the residential component is 94% occupied and 97% leased, and is commanding rents exceeding $3,000 per month on average.
Located on a one-acre site at 360 South Market Street in the burgeoning SoFa section of downtown San Jose, the property sits in close proximity to Caltrain and the VTA light rail network, along with easy access to interstates 280 and 880, state routes 87, 237, 85, and 17 and US Highway 101.
The purchase price was $118 million.
“Since opening its doors as an apartment project in April 2011, 360 Residences has experienced a very strong lease-up which reflects its great location, amenities, floor plans and overall quality,” said Capri Partner Ken Lombard. “Capri’s investment strategy is to actively acquire Class A multifamily properties in high barrier, supply-constrained markets with supply-demand imbalances and strong economic, demographic and income trends. 360 Residences fits right into that strategy,” he said.
360 Residences offers seven unit types and 56 different floor plans with square footage varying between 704 to 3,440 square feet with an average of 1,320 square feet. The Project’s floor plans and layouts are fully functional for the discerning renter.
The amenities enhance the Property’s reputation as a premier apartment rental building in San Jose. Common area amenities include a heated swimming pool and spa on a furnished sundeck, 24-hour state of the art fitness facility with cardio and weight training equipment, a contemporary community lounge with a fully equipped kitchen and complimentary Wi-Fi, a resident business center and executive conference room with phone/web conferencing capability, barbecue and cabanas for outdoor entertaining, and concierge services.
Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles.