Two large South Bay apartment buildings sold for $513 million in one day

SAN JOSE – Two large apartment buildings in the South Bay were bought by California investor-led groups for more than half a billion dollars in one day, signaling a healthy regional housing sector.

Santa Clara County property records show that the Stage City Apartments and Eleanor Apartments in San Jose were purchased in Milpitas for a total of $513 million.

The 551-unit Platform City complex was purchased by a joint venture led by MG Properties and Oaktree Capital Management for $320 million, documents filed with the county show on July 28. The property is located at 1501 Berryessa Road in San Jose. A commercial real estate firm called Eastdeal Secured brokered the deal.

The 333-unit Eleanor Apartments was purchased by MG Properties for $193 million, according to property records. The Eleanor Complex is located at 312 Gates Drive in Milpitas. Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction.

Eleanor Apartments, a 333-unit apartment complex at 312 Gates Drive in Milpitas.
Eleanor Apartments, a 333-unit residential complex at 312 Gates Drive in Milpitas.

Both apartment projects are within two or three blocks of BART stations, the Berryessa Station and the Millpitas Station.

San Diego-based MG Properties and Los Angeles-based Octree Capital secured a $245 million loan from TPG RE Finance when they bought the San Jose apartment complex, property documents show. MG Properties received financing from Fannie Mae to help buy the Milpitas apartments.

“We believe the Bay Area is poised for recovery and is well-valued compared to other markets,” MG Properties President Jeff Gleiberman said in comments related to the purchase of Platform City Apartments in San Jose.

The Platform complex contains 35,000 square feet of ground floor retail. The project It was completed in 2019 and is located near the tech hubs of North San Jose. Eleanor Apartments has 20,000 square feet of retail and is slated for completion in 2021.

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