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| Willow Lake Apartment Homes, San Jose, CA |
SAN JOSE, CA – Institutional Property
Advisors (IPA), a multifamily brokerage division of Marcus & Millichap
serving the needs of institutional and major private investors, has arranged
the sale of Willow Lake Apartment Homes, a 508-unit apartment community
in San Jose.
 |
| Stan Jones |
The sales price of $148 million represents a price of
approximately $291,000 per unit.
Stan
Jones, an executive vice president investments; Phil Saglimbeni, a
vice president investments; and Sal Saglimbeni, a vice president
investments, advised the seller, The Sobrato Organization. The buyer is Essex
Property Trust.
“With
12.5 percent rent growth over the last 12 months and an average occupancy of
96.4 percent, San Jose’s market fundamentals are strong and getting stronger,”
Jones says.
 |
| Phil Saglimbeni, |
“Rental demand here is now at one of the highest levels since 2001,
resulting in a year-over-year vacancy decline of 60 basis points. Furthermore,
rental demand growth is predicted to exceed additions to existing stock,” Jones
continues.
“The combination of Willow Lake’s strong operating history,
embedded loss-to-lease and future reposition story was especially compelling
for buyers targeting core Silicon Valley locations,” adds Phil Saglimbeni. “The
property is also condo-mapped, affording the owner an alternative exit
strategy,” he concludes.
 |
| Sal Saglimbeni |
Willow Lake was constructed in three phases; 282 units in
1989, 126 units in 1990 and 100 units in 1997. The asset features unique
architectural details, exceptional floor plans and a resort-like feel bolstered
by a large lake that meanders through the site.
The community offers a diverse
mix of well-designed one-, two- and three-bedroom floor plans averaging 929 square
feet. In keeping with the active lifestyles of today’s renters, residents enjoy
two resort-style pools, three spas, a fitness center with newer equipment, a
community lounge and a business center.
The property is conveniently located minutes from San Jose’s
thriving downtown district, home to hundreds of restaurants, bars, performing
arts and sporting venues, museums, and
employers such as Adobe Systems, Cisco Systems and eBay. Employers in
the surrounding Silicon Valley include Apple, Google, IBM, Hewlett-Packard,
Facebook, National Semiconductor, Applied Materials, Intel, Netflix and
Advanced Micro Devices.
Willow Lake offers convenient access to Caltrain and the VTA
Light Rail Network, along with regional and local public rail lines. Commuters
enjoy easy access to interstates 680 and 880, state routes 87, 237, 85 and 17
and U.S. Highway 101.
Contact:
Public Relations
(925) 953-1716
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