Three San Jose apartment complexes encompassing 415 units have been acquired by Irvine-based FPA Multifamily in a deal totaling $135M.
FPA bought the 220-unit Sierrabrook, located a 1265 N. Capitol Avenue for $74.2M, which translates into $245K per unit. Rents at the community, which was built in 1973, range from $2,250 to $2,750 a month.
FPA also acquired the 149-unit Casa Verde Apartments at 2050 McKee Road for $46.2M, and the 46-unit Pacific Terrace West at 496 Boynton Ave. for $14.4M. The sellers were not disclosed.
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