Pacific Property Buying SIlicon Valley Apartment Complexes

Pacific Property Company is under contract to buy two west San Jose apartment buildings from an undisclosed buyer for an undisclosed price.

The deal was finalized last week, but details will have to wait for the official closing this October because of a confidentiality agreement, says Steven Weilbach, Pacific Property’s northern California regional director, who spoke with GlobeSt.

The two-story buildings are located adjacent to one another at the intersection of Bascom and Hamilton Streets in west San Jose. One building has slightly more than 100 units, the other slightly less than 100. Both are fully occupied, says Weilbach.

Pacific Property specializes in buying and modernizing older apartments. The company plans to put about $10,000 worth of work into each unit as tenants vacate, but isn’t saying how much rents will rise for the next person because of it.

Pacific Property owns apartment complexes in Sunnyvale, Calif., and Santa Clara, Calif. In June, the company bought the 526-unit Mountain Vista apartment complex in Fremont, Calif.