San Jose rent evolution, click to enlarge San Jose rent evolution, click to enlarge San Jose rent evolution, click to enlarge San Jose’s multifamily fundamentals stalled at the beginning of the last quarter, as high interest rates continued to leave their mark across the nation. Rent growth stood at -0.6 percent on a trailing three-month basis through October—50 basis points lower than the U.S. figure—to an overall average of $3,042. Demand for multifamily remained sturdy, however, as the occupancy rate in stabilized assets was up 10 basis points year-over-year, to 96.0 percent as of Sept ..read more

Jonathan Rose Cos. Acquired The Grove from Nuveen Real Estate in a $102 million deal. Image courtesy of Nuveen Real Estate Jonathan Rose Cos. has acquired a market-rate community in San Jose, Calif. with plans to convert the apartment complex into affordable housing. The company purchased The Grove from Nuveen Real Estate for $102 million. IPA’s Salvatore Saglimbeni brokered the sale, while Berkadia arranged a $68.5 million acquisition financing package through the Fannie Mae Affordable Housing Preservation program. The new owner will be working with the Bay Area Housing Finance Authority an ..read more

Spartan Village on the Paseo will include 124 affordable beds. Image courtesy of San José State University A partnership between Throckmorton Partners and San Jose State University is converting the south tower of the Signia by Hilton San Jose hotel into a 700-bed student community. Plans call for immediate renovations, with delivery expected by August 2024. Throckmorton Partners purchased the building for $73 million, according to The Registry. The university will lease the 264-unit building, with the option to purchase it after two years. As part of the Higher Education Student Housing pro ..read more

Sixth & Jackson received LEED Gold certification in September. Image courtesy of Ivanhoé Cambridge A joint venture between Ivanhoé Cambridge and Shea Properties has completed and opened Sixth & Jackson, a 518-unit community in San Jose, Calif. Partners on the project included general contractor Swenson Builders, architecture firm Ankrom Moisan and CDC Designs as the interior designer. In December 2018, the joint venture landed a $137 million construction loan provided by Wells Fargo Bank, Yardi Matrix data shows. Construction on the two-building property started in January ..read more

Built in 1971, Bonnie Brae Terrace encompasses three, four-story buildings. Image courtesy of The BLVD Group The BLVD Group has purchased Bonnie Brae Terrace, a 164-unit affordable senior housing community in Belmont, Calif. Lesley Senior Communities sold the asset for $18 million, according to Property Shark data. BLVD secured a $10.8 million Fannie Mae loan originated by Newmark, public records indicate. Developed by The Lesley Foundation in 1971, the property traded for the first time. Bonnie Brae Terrace encompasses three, four-story buildings. Common-area amenities include a courtyard ..read more

The James is a six-story building in San Diego’s downtown. Image courtesy of Archway Equities A joint venture of Archway Equities and Virtú Investments has acquired The James, a 190-unit Class A luxury apartment community in downtown San Jose, Calif., from Fairfield. The duo bought the property for $74.25 million. Brian Eisendrath of Institutional Property Advisors arranged acquisition financing, which was provided by Freddie Mac. The size of the loan could not immediately be learned. The property was marketed by a Berkadia team comprised of Brett Betzler, Kaohu Berg-Hee and Rachel Parsons ..read more

San Jose rent evolution, click to enlarge The San Jose multifamily market slowed down amid economic headwinds, but demand remained positive. Year-over-year, rents were up 1.4 percent as of May, with the average at $3,059. After fluctuating for several months, rates were up on a trailing three-month basis as of May, rising 40 basis points. And while occupancy rates dropped across most metros in the past 12 months, San Jose figures remained flat, at 95.9 percent as of April. READ THE FULL YARDI MATRIX REPORT San Jose sales volume and number of properties sold, click to enlarge San Jose added ..read more

The community will be located in San Jose, Calif. Image courtesy of Urban Catalyst Urban Catalyst has launched a multifamily fund to back the development of its Aquino project in San Jose, Calif. The firm structured its UC Multifamily Equity I LLC fund as a real estate operating company to allow funding from qualified retirement accounts like IRAs and 401(k) plans. Google is developing its Downtown West campus next to Urban Catalyst project site. The Aquino project is fully entitled and approved for multifamily construction, but Urban Catalyst has not yet disclosed a construction timeli ..read more

The Vespaio property in San Jose. Image courtesy of Cushman & Wakefield Windy Hill Property Ventures and Rockwood Capital have acquired Vespaio, a Class A multifamily community in San Jose, Calif., for $83.5 million, or approximately $515,000 per residential unit. The buyers purchased the 162-unit property from Hudson Companies. Cushman & Wakefield arranged the sale and lined up acquisition debt financing for the buyer. Situated at 130 Stockton Ave., in a heavily amenitized area of central San Jose, the recently constructed seven-story apartment community was completed in 2020 and fe ..read more

The Watermark at Almaden. Image courtesy of Walton Street Capital Alliance Residential and Affinius Capital have secured a $59.2 million loan for the refinancing of The Watermark at Almaden, a 200-unit senior housing community in San Jose, Calif. Walton Street Capital provided the financing. Formerly known as Atria Almaden, The Watermark at Almaden comprises assisted living and memory care units. Completed at the end of 2020, the property incorporates studio, one-, two-, and companion-bedroom floorplans across a four-story building. The community features approximately 70,000 square fee ..read more