 |
| Alterra San Jose Apartments, San Jose, CA |
 |
| Kenneth Gladstein |
SAN FRANCISCO, CA - HFF announced it has closed the sale of Alterra
San Jose, a 144-unit multi-housing community in San Jose, California.
HFF marketed the property on behalf of the seller, Pacific
Urban Residential and Hunt Companies.
Pacific Urban Residential and Hunt
previously acquired the property on an off-market basis in early 2011
experiencing significant increases in rents and value as the San
Francisco/Silicon Valley markets began to recover from the financial crisis of
2008-2010.
Sares Regis Multifamily Fund, L.P. purchased the asset
subject to the existing Freddie Mac financing.
The acquisition is the sixth for Sares Regis since forming its fund in
early 2013 with over $100 million in equity commitments. The purchase price was not disclosed.
 |
| Al Pace |
Alterra San Jose is located near the intersection of Almaden
Expressway and CA-87, within walking distance of Caltrain’s Tamien Station and
less than two miles southeast of downtown San Jose.
Originally constructed in 1988, the property features 14
residential buildings with one- and two-bedroom units ranging in size from 750
to 900 square feet. Community amenities
include a poolside fitness center, heated swimming pool and spa, and covered
parking. At the time of sale the
property’s unit interiors had not been renovated.
“Alterra offers a solid value-add opportunity to renovate
the unit interiors and reposition the property so it competes with neighboring
communities while capitalizing on the region’s significant employment and
rental growth,” said Kenneth Gladstein, co-chief investment officer of
the Sares Regis Multifamily Fund.
 |
| Charles Halladay |
Pacific Urban Residential CEO Al Pace noted, “we are
delighted with the sale and success of this early cycle investment, effectively
doubling invested equity in three years.
We believe the San Francisco Bay Area remains a prime investment arena
and know Sares Regis will do very well with their asset investment plan.”
The HFF investment sales team representing the seller was
led by director Nathan Blair of HFF’s San Francisco office, with support
from capital markets director Charles Halladay of HFF’s Orange County
office. The buyer was self-represented.
Pacific Urban Residential remains among the most active
private multifamily investors in the west and has acquired nearly $3 billion of
multifamily west region investments since its founding in 1998.
In the past two years, Pacific Urban Residential and its
strategic institutional partners have acquired or sold approximately
$600,000,000 in west coast apartment communities. Today, Pacific Urban Residential’s west coast multifamily
portfolio totals over 6,000 apartment homes and $1.5 billion.
 |
| Nathan Blair |
In addition, Pacific
recently became an investment manager for the California Public Employees’
Retirement System (CalPERS).
Founded in 1947, Hunt is a developer, investor, and manager
of real assets providing a broad range of services to public and private sector
clients. Together, Hunt and its
affiliates have $24.8 billion in assets under management.
Sares Regis Group manages a portfolio of more than 17,000
units for its partners and investor clients valued at more than $2.5
billion.
Since its inception in 1003, Sares Regis Group has acquired
or developed 20,000 homes and apartments valued at more than $3.4 billion
throughout California, Colorado and Arizona.
Sares Regis Group is
also California’s leading privately held developer of LEED-certified
apartments.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
No comments:
Post a Comment