Beverly Hills, California-based real estate firm 3D Investments acquired a downtown San Jose high-rise apartment for a total of $185 million or $533,141 per unit. The deal was awarded a 2023 CoStar Impact Award by an independent panel of industry professionals within the market.
Located one block from San Pedro Square, the 21-story residential tower is made up of 347 units and offers one-, two- and three-bedroom units with stainless steel appliances, walk-in closets and a recreation room for tenants.
Other amenities include a rooftop pool, hot tub, business lounge, sky lounge, game room and fitness center. More than 7,000 square feet of retail are on the ground floor of the building.
The sellers were a joint venture between Simeon Commercial Properties & AFL-CIO Building Investment Trust. Principals from the buyer, 3D Investments, said they were attracted to Centerra because they were looking for a property of this size for exchange purposes.
About the deal: This property had an occupancy of 94% at the time of sale.
What the judges said: Judge Adam Levin lauded the seller's ability to capture a high price per unit for downtown San Jose.
They made it happen: David Hosler, multifamily capital markets for Newmark; Scott Bales, former broker for Newmark; and Dan Appello, director of acquisitions for 3D Investments.
