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Big Bay Area apartment complexes are part of $3.6 billion nationwide deal

Big Bay Area apartment complexes are part of $3.6 billion nationwide deal
Canada-based investors grab apartments in South Bay, East Bay cities

SAN JOSE — Three big apartment complexes in the Bay Area have been bought for nearly a half-billion dollars by Canadian investors, an indication that buyers still hunger for this region’s properties amid coronavirus-linked woes.

The properties, located in San Jose, Pleasanton and Sunnyvale, are part of a $3.6 billion coast-to-coast deal through which Canada-based real estate firm Ivanhoe Cambridge bought 30 residential complexes with nearly 10,000 units.

Ivanhoe Cambridge paid a combined $481.9 million for the Bay Area apartment complexes, which were sold by affiliates of Greystar Real Estate Partners, according to documents filed with officials in Santa Clara County and Alameda County.

The apartment complexes involved in the wide-ranging deal were Avana Almaden at 1070 Foxchase Drive in San Jose, Avana Stoneridge at 5505 Springhouse Drive in Pleasanton and Avana Sunnyvale at 355 N. Wolfe Road in Sunnyvale.

Here’s how much the new owners paid, county documents show:

— Avana Almaden, 396 units, $196.7 million

— Avana Stoneridge, 354 units, $172.1 million

— Avana Sunnyvale, 192 units, $113.1 million

Greystar Real Estate Partners disclosed on Nov. 9 that it had struck a deal to sell 30 apartment properties in the United States for $3.6 billion.

South Carolina-based Greystar Real Estate didn’t disclose the locations of the 30 apartment buildings, but official property records have revealed the sites of a number of the properties.

The transactions show that despite the uncertainties created by the coronavirus, investors still are showing plenty of interest in top-notch commercial real estate and residential properties in choice Bay Area locations.

The Bay Area has continued to be a safe harbor for large amounts of capital for multi-family housing projects,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy. “The ongoing confidence in the Bay Area apartment market shows that this trend will continue.”

Full article by George Avalos: https://www.mercurynews.com/2021/11/16/big-bay-area-apartment-home-housing-3-6-billion-real-estate-deal/