A big downtown San Jose apartment building has been bought by veteran real estate investors.
SAN JOSE — A big downtown San Jose apartment building has been bought by real estate investors who express optimism about the South Bay’s economic prospects despite post-coronavirus uncertainties.
Larkspur-based Virtú Investments says it saw its joint purchase with Archway of The James as a way to jump back into commercial real estate purchases. The purchase of the James is just the latest among several acquisitions in recent years of large apartment properties in downtown San Jose.— A 101-unit apartment complex at 138 Balbach Street was bought in 2021 for $53.5 million. The residential property was renamed and is now known as The Ryder Apartments. That’s about $529,700 a unit.
In July 2022, Miro, a 28-story twin-tower residential complex with 630 units, landed $345 million in long-term financing, in a sign of confidence in the downtown San Jose market.
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