Sunday, December 04, 2022

Big Bay Area Residential Complexes Are Part Of A $ 3.6 Billion Nationwide Deal

Big Bay Area Residential Complexes Are Part Of A $ 3.6 Billion Nationwide Deal

SAN JOSE – Three large apartment complexes in the Bay Area were bought by Canadian investors for nearly half a billion dollars, indicating that buyers are still hungry for properties in the region amid coronavirus concerns.

The properties, located in San Jose, Pleasanton and Sunnyvale, are part of a $ 3.6 billion deal in which Canadian real estate firm Ivanhoe Cambridge bought 30 residential developments with nearly 10,000 apartments.

Ivanhoe Cambridge paid a total of $ 481.9 million for Bay Area housing developments that were sold by affiliates of Greystar Real Estate Partners, according to filings filed with officials in Santa Clara and Alameda counties.

The large-scale deal involved 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 records show:

– Avana Almaden, 396 units, $ 196.7 million

– Avana Stoneridge, 354 units, $ 172.1 million

– Avana Sunnyvale 192 condos, $ 113.1 million

On November 9, Greystar Real Estate Partners announced that it had struck a deal to sell 30 US condos for $ 3.6 billion.

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