SAN JOSE, CA – Institutional Property Advisors (IPA), a
division of Marcus & Millichap serving the needs of institutional and major
private real estate investors, has arranged the sale of 121 Tasman, a
174-unit, market rate transit-oriented apartment community located in the
“Golden Triangle” area of Silicon Valley in San Jose, Calif. The $86.7 million
sales price equates to $498,000 per unit.
IPA
executive vice president Stanford Jones and IPA first vice presidents Philip
Saglimbeni and Salvatore Saglimbeni advised the seller, a joint
venture between developer LCOR Ventures LLC and Cigna Realty Investors. The
buyer is Zurich Alternative Asset Management.
Zurich Alternative Asset Management, LLC (ZAAM) is the
alternative investment advisor to Zurich North America (Zurich) and its
affiliates, responsible for the group’s hedge fund, private equity and US real
estate investments.
Dating back to 1997, Zurich, advised by ZAAM and predecessor
entities, acquired over $2 billion of assets directly with a focus on high
quality commercial properties with high grade tenancy.
 |
| Philip Saglimbeni |
ZAAM currently manages approximately $2.5 billion of
commercial real estate exposure in the United States for its various affiliated
balance sheets.
The ZAAM team representing the buyer was led by managing
director Sean Bannon and director Chris Edgar.
“Core
acquisition opportunities of this type in the northern San Jose market are
limited because the majority of the residential developments in the area are
controlled by institutions with long-term hold periods,” says Jones.
“121
Tasman is a recently constructed asset with distinct advantages relative to the
competitive set and an exceptional location in one of the nation’s most
desirable investment markets.”
“The
multifamily housing market in San Jose has recorded a rent growth rate of 10.8
percent over the last 12 months and as of the fourth quarter of 2013, an
average occupancy of 96.9 percent,” adds Philip Saglimbeni.
 |
| Salvatore Saglimbeni |
“121 Tasman’s exceptional construction, ultra high-end
finishes and top-of-market amenity package highlight its boutique feel, setting
it apart from comparable assets and making it one of the premier rental
communities in the Golden Triangle.”
Completed
in 2013, 121 Tasman was 95 percent leased by April 2014. The four-story
apartment complex is located immediately across the street from the VTA
Baypointe light rail station, allowing hassle-free access to key destinations
throughout the South Bay.
Unit interiors have fully equipped gourmet kitchens, solid
surface countertops, designer fixtures and finishes, nine-to-12-foot ceilings,
oversized windows, walk-in closets, technology docking stations and full-size
front-load washers and dryers.
Community amenities include a state-of-the-art fitness
center with spin and TRX studios; an executive business center with video
conferencing; a bocce ball court with a lounge area and fireplace; an outdoor
barbecue and dining area; a large dog park; a lounge with a billiards table and
demonstration kitchen; and a resort-style swimming pool and spa with a
furnished sundeck.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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