Source: HFF / #Multifamily #Finance
SAN JOSE, CA - HFF announces the $104 million sale of Meridian at Midtown, a 218-unit luxury apartment community with approximately 14,000 square feet of ground-floor retail in San Jose, California.
The HFF team marketed the property on behalf of the seller, Republic Urban Properties LLC, and procured the buyer.
Meridian at Midtown is situated at 1432 W. San Carlos Street less than one mile west of downtown and just north of Interstate 280. The property’s Midtown location has earned it a Walk Score of 90 and provides a true live-work-play setting in one of the Bay Area’s most sought-after submarkets.
Built in 2015, the mid-rise property offers a range of amenities, including three state-of-the-art fitness centers, conference rooms, a resort-style pool with cabanas, community lounge space, dog park, outdoor courtyard, playground and ground-floor retail amenities such as The Breakfast Club and Starbucks. Residential units include a variety of studio, one- and two-bedroom configurations averaging 875 square feet each.
The HFF investment advisory team representing the seller included managing director Scott Bales, director Peter Yorck and analyst Eric Bet.
“Meridian at Midtown’s central location is within a mile of Google’s proposed campus and the Diridon Station development, which 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,” Bales said.