(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
SAN JOSE, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Berkshire Property Advisors has purchased the Enclave Apartments for $173.75 million. The 637-unit property, built in 1998, was sold by a fund controlled by Essex Property Trust.
Enclave is comprised of eight three-story buildings, each over a below-grade single-level garage. It is situated on a 15.6 acre site at 4343 Renaissance Dr. here in San Jose, CA.
Brett Betzler, a director, and Mary Ann King, president, of Moran & Co. brokered the sale. King also advised Essex on the sale of a portfolio of seven major west coast properties, of which Enclave was one.
Betzler points out that “Silicon Valley is the number one market in the country for job growth. We pulled business headlines relating to corporate expansions, and determined that at least 50,000 new jobs will be created in the next couple of years, which is double the job growth that has occurred to date. We expect to see the North San Jose pipeline consumed in very short order, followed by strong upward pressure on rents which will prove this to be a very strategic long-term acquisition for Berkshire.”
According to Eric Schrumpf, a VP at Berkshire, “We were attracted to the Enclave opportunity as it represented a rare combination of a recent vintage asset in a great Silicon Valley submarket that should continue to benefit from the continued expansion of the local technology driven economy.” He adds that “Moreover, the acquisition of this existing asset will serve as a nice complement to a number of Bay Area multifamily development projects that we expect to deliver over the coming years.”