Newmark Stages Sale of 347-Unit Luxury Apartment Tower in Downtown San Jose
Newmark announces that it has arranged the sale of Centerra Apartments, a 347-unit apartment tower located in San Jose, California. The asset was sold for an undisclosed amount.
Newmark Vice President Scott Balls and senior analyst David Hosler represented the seller,
AFL-CIO Building Investment Trust, advised by PNC Realty Investors. Newmark Vice President Ramsey Daya and Senior Managing Director Chris Moritz arranged the financing of the acquisition.
Located at 77 N. Almaden Avenue, the high-rise building is comprised of 21 stories totaling
325,169 square feet of residential space and approximately 7,000 square feet of retail. Built as apartments with a condo map in place, the asset offers a unique mix of one, two and three bedroom units, including townhouses, live works, lofts and units juniors.
“Newmark is proud to have represented our client in the sale of this very unique luxury
property,” Bales said. “Centerra is one of Silicon Valley’s only high-rise apartment towers and is located on the best block in downtown San Jose, directly across from San Pedro Square.”
Centerra Apartments offers world-class amenities including a pool and spa, a
parking structure, a media lounge with bar and fireplace, a fitness center, outdoor gathering spaces, a conference center and a game room. The property is located in downtown San Jose, transit-oriented, across from San Pedro Square and one block from the off-ramp to Interstate 80.
Investor appetite for U.S. multifamily assets surged in the second quarter of 2022 with sales volume hitting $86.3 billion, according to Newmark Research. That was a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume in the first half of 2022 accelerated by 53.1% compared to the first half of 2021. This increase in activity was partly due to buyers and sellers deliberately transacting before the increases impending FOMC rates and the midterm elections later in the year.