SAN JOSE — Marking a stunning burst of interest in downtown San Jose, investors have bought two big apartment complexes and one major office tower in the urban heart of the Bay Area’s largest city, paying nearly $364 million.
The One South Market residential tower, the 160 W. Santa Clara St. office tower, and Museum Park apartments, all located in downtown San Jose, have changed hands.
The buyers paid a combined $363.8 million for the three large properties, according to Santa Clara County public documents.
The investors in the two residential complexes are affiliated with a large China-based real estate company. The buyer of the office tower is based in Burlingame. All three of the property purchases were completed on June 29.
One South Market, located at South Market Street and West Santa Clara Street, is a blue-tinged residential tower that was bought for $175 million. The 23-story housing high-rise has 312 residential units.
160 W. Santa Clara St., located at West Santa Clara Street and South San Pedro Street, was purchased for $131.8 million, or 30 percent higher than the property’s prior sales price in 2018. The 15-story office tower totals 229,000 square feet.
Museum Park, a mid-rise apartment complex at 465 W. San Carlos St. near Gifford Avenue, a short distance from a transit village proposed by Google called Downtown West, was bought for $57 million. The complex has 117 units.
The two residential complexes were both bought by affiliates controlled by the same company: Lakevision Capital West, which is based in the Orange County city of Costa Mesa, according to property documents in Santa Clara County and public records on file with state government officials.
Lakevision Capital’s website states that its parent company is one of the 10 largest development and management companies based in China.
“The company follows a strategy to invest, develop and manage high-quality Class-A multifamily rental or for-sale properties in key gateway urban markets with a specific emphasis on public transportation,” Lakevision Capital states on its website.
Essex Property Trust, a real estate investment firm based in San Mateo, sold both of the downtown San Jose residential complexes.
The buyer of the 160 W. Santa Clara St. office tower is private real estate investor John Barrett, who is a principal executive with Burlingame-based Barrett Block Partners, according to public filings. Beacon Capital Partners sold the office highrise.
In 2018, Beacon Capital Partners paid $101.5 million for the office tower. In 2014, the tower was bought for $81 million.
“Downtown San Jose is still appealing even with all of the economic uncertainty right now,” said Eric Fox, an executive managing director with Cushman & Wakefield, a commercial real estate firm.
