Silicon Valley Urban Infill Apartment Community Sold by Marcus & Millichap’s IPA Division
Dec 08, 2016

SAN JOSE, Calif., Dec. 8 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Avenel Apartments, a 168-unit apartment complex in San Jose, California.

“Avenel is an ideal transit-oriented community located within walking distance of the Bay Area Rapid Transit (BART) station in San Jose, currently under construction, and the adjacent 120-acre future redevelopment site,” said Stan Jones, IPA executive director. “The station is expected to be operational by 2018, bringing the region’s vital rapid transit system to San Jose, often referred to as the Capital of Silicon Valley.”

Jones, along with IPA executive directors Salvatore Saglimbeni and Philip Saglimbeni, represented the seller, a joint venture partnership including TruAmerica Multifamily, Vista Investment Group and Western Investments Capital. The buyer is Pacific Multifamily Investors, an affiliate of Pacific Urban Residential LLC.  

“TruAmerica has completed a variety of capital improvements over the last three years, including interior, exterior and common area upgrades,” added Salvatore Saglimbeni. “As a result, Avenel represents a turnkey community for Pacific Multifamily Investors.”

Built in 1987, Avenel is situated on approximately 8.5 acres, which represents a density of less than 20 units per acre. The property includes a resort-style swimming pool and spa, a poolside fireplace, built-in grilling stations, private cabanas, a new state-of-the-art fitness center and a cyber café. The four distinctive one- and two-bedroom floor plans have an overall weighted average unit size of 722 square feet. Apartment homes feature in-unit laundry, separate dining areas, private balconies/patios, walk-in closets, and individual heating and air conditioning.

Residents at the community benefit from Avenel’s central location, including proximity to The Golden Triangle, Silicon Valley’s largest employment area, downtown San Jose, Mineta San Jose International Airport, and highways 680, 101 and 880.