[ad_1]
San Jose — A massive residential skyscraper in downtown San Jose has been purchased by a veteran Beverly Hills realtor. This demonstrates the city’s continued confidence in its urban core.
Centerra, a famous 21-story residential tower in downtown San Jose, was purchased for $185 million, according to documents filed with the Santa Clara County Records Department on Oct. 26.
Joseph Danesugar, who heads Beverly Hills-based real estate firm 3D Investments, and his family purchased the Centara Apartment Tower at 77 N. Almaden Avenue through three affiliates, county real estate records show. .
3D Investments has been active in the purchase and development of properties in the Los Angeles area, including the historic Grand Central Market and Las Vegas.
“This transaction demonstrates that downtown San Jose remains a strong market for multifamily investors,” said Bob Staedler, principal executive of land-use consultancy Silicon Valley Synergy.
Among the initiatives and deals that mark a strong downtown apartment market are:
— In July, Miro, a two-tower apartment complex in downtown San Jose, won a long-term financing package totaling $345 million.
— Multiple residential towers are under construction in downtown San Jose, with more homes actively planned by developers.
— In 2020, One South Market, located on South Market Street and West Santa Clara Street, was purchased by Lakevision Capital West, whose parent company is a China-based development and management firm, for $175 million. There are 312 units in the 23-storey high-rise residential building. That price equates to approximately $560,900 per unit.
AFL-CIO Building Investment Trust sold the Centerra Tower to Daneshgar Group through an affiliate, according to county documents, state business reports, and 2015 IRS tax returns for organizations exempt from paying income taxes. was an entity that
The Daneshgar-led real estate group also obtained a $103 million loan from Poppy Bank in its purchase of the Centerra tower from AFL-CIO Building Investment Trust, county real estate files show.
The recently purchased Centara Tower has 347 units and was completed in 2015. The apartment complex is surrounded by Almaden Avenue, Carlyle Street, Notre Dame Avenue, and West St. John Street.
The Centerra’s $185 million transaction price equates to approximately $533,100 per unit. Experts believe the tower is priced higher than the current unit price of multifamily housing in the area.
Centerra is across from San Pedro Square, one of the two busiest sections of downtown San Jose, alongside the SoFA district, even after the coronavirus economic woes are lifted.
“Being right next to San Pedro Square is very convenient for Centerra,” says Staedler.
The Centerra Tower also has 7,000 square feet of retail on the ground floor.
On-site amenities include a pool, spa, game room, rooftop terrace, grill, pet playground, car charging station, fitness center, business center and meeting rooms.
Apartments typically feature stainless steel appliances, kitchens, hardwood and tile floors, walk-in closets, and balconies.
Centerra’s minimum rent on the Apartments.com site was $2,584 per month for a 1 bedroom, 1 bath unit totaling 542 square feet. Centerra’s highest rent on Apartments.com was $4,889 per month for a 1 bedroom, 1.5 bathroom unit totaling 1,552 square feet.
“Downtown San Jose has had its ups and downs, and things are tough right now. But this deal is probably a good sign,” Staedler said. “In his next decade, downtown will turn around.”
[ad_2]
Source link
