Home News Two big South Bay apartment complexes sell for $513 million in one day

Two big South Bay apartment complexes sell for $513 million in one day

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SAN JOSE — Two large apartment complexes in the South Bay were purchased on the same day by a group led by California investors for more than $500 million.

Platform Urban Apartments in San Jose and Eleanor Apartments in Milpitas were purchased together for $513 million, Santa Clara County real estate filings show.

The 551-unit platform urban complex was purchased for $320 million by a joint venture led by MG Properties and Oaktree Capital Management, documents filed at the County Show on July 28. The property is located at his 1501 Berryessa Road in San Jose. Commercial real estate firm Eastdil Secured brokered the transaction.

The 333-unit Eleanor Apartments were purchased by MG Properties for $193 million on the same day, according to property records. The Eleanor Complex is located at her 312 Gates Drive in Milpitas. Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction.

Eleanor Apartments, a 333-unit apartment complex at 312 Gates Drive in Milpitas. (Eleanor Apartments)

Both apartment projects are within 2-3 blocks of BART, Berryessa and Milpitas stations respectively.

San Diego-based MG Properties and Los Angeles-based Oaktree Capital received a $245 million loan from TPG RE Finance to purchase a San Jose multifamily home, property documents show. I’m here. MG Properties received a loan from Fannie Mae to help acquire the Milpitas apartment.

MG Properties President Jeff Gleiberman said in comments related to the purchase of The Platform Urban Apartments in San Jose, “The Bay Area is ready for recovery and is affordable compared to other markets. I think.

The platform complex also has 35,000 square feet of retail on the ground floor. The project was completed in his 2019 and is located near the tech hub north of San Jose. Eleanor Apartments will house his 20,000 square foot retail store and will be completed in 2021.

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