Big South Bay apartment complexes are bought in separate deals
Big apartment complexes in Milpitas and San Jose have been bought in separate deals for a combined total of $246 million.
MILPITAS — Big apartment complexes in Milpitas and San Jose have been bought in separate deals for a combined total of $246 million, a sign of ongoing investor interest in the Bay Area’s housing sector.
Eleanor Apartments in Milpitas and Via Reggio Apartments in San Jose have been bought by firms that are veterans of the real estate industry.
The 333-unit Eleanor Apartments at 312 Gates Drive in Milpitas was bought by MG Properties for $193 million, the San Diego-based real estate firm said.
The 116-unit Via Reggio Apartments at 1277 San Tomas Aquino Road San Jose was bought for $53.3 million by affiliates of Klingbeil Capital Management, documents filed on July 27 with the Santa Clara County Recorder’s Office show.
Klingbeil Capital obtained a loan of $25.5 million from PNC Bank National Association at the time of its purchase of the Via Reggio complex in San Jose, the county records show.
The Eleanor Apartments is a relatively new complex that was completed in 2021, according to the new owner. The residential development also includes 10,000 square feet of ground-floor retail.
SummerHill Apartment Communities, The Resmark Cos. and Kennedy Wilson sold the Eleanor complex to MG Properties.
Eleanor Apartments is a few blocks away from the Milpitas BART station and the light rail transit center.
“We are pleased to be further growing our long-term presence in the Bay Area, a market that has strong potential for recovery after the impacts of the COVID crisis,” said Jeff Gleiberman, president of MG Properties.