SAN JOSE — Two big condominium complexes in the South Bay have been purchased by teams led by a California trader on the same day for a lot more than a 50 percent-billion bucks, bargains that hint at a healthy regional housing sector.

The Platform Urban Apartments in San Jose and Eleanor Flats in Milpitas, have been purchased for a merged $513 million, Santa Clara County assets documents present.

The 551-device Platform Urban complicated was bought for $320 million by a joint venture led by MG Houses and Oaktree Capital Administration, files submitted on July 28 with the county present. The residence is at 1501 Berryessa Street in San Jose. Eastdil Secured, a commercial genuine estate firm, brokered the offer.

The 333-device Eleanor Flats was bought for $193 million by MG Qualities on the very same working day, according to the home data. The Eleanor sophisticated is at 312 Gates Generate in Milpitas. Institutional Assets Advisors, a division of Marcus & Millichap, organized the transaction.

Eleanor Apartments, a 333-unit residential complex at 312 Gates Drive in Milpitas.(Eleanor Apartments)
Eleanor Residences, a 333-device household advanced at 312 Gates Drive in Milpitas. 

Equally apartment jobs are within just two or three blocks of BART stations, Berryessa Station and Milpitas Station, respectively.

San Diego-based MG Properties and Los Angeles-primarily based Oaktree Capital attained a $245 million loan from TPG RE Finance at the time of its purchase of the San Jose condominium advanced, the home documents present. To assist in its acquisition of the Milpitas residences, MG Houses landed financing from Fannie Mae.

“We consider the Bay Space is poised for a restoration and is properly priced in comparison to other marketplaces,” reported Jeff Gleiberman, president of MG Houses, in feedback involved with the order of The Platform City Residences in San Jose.

The System complex also characteristics 35,000 sq. toes of ground-flooring retail. The project was accomplished in 2019 and is close to the tech hubs in north San Jose. Eleanor Apartments has 20,000 square toes of retail and was concluded in 2021.


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