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 apartment 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 apartment complexes, which were sold by affiliates of Greystar Real Estate Partners, according to documents filed in recent days 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 for the apartment complexes, the 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 residential 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.