Two real estate companies have teamed up to buy a San Jose apartment complex for more than $90 million — although the purchase price is well below the property’s assessed value.
Ethos Real Estate, whose expertise is the creation of affordable housing; and Prospect Ridge, a real estate investment firm, have joined forces through an affiliate to buy Linq, a 230-unit multifamily residential property at 1700 Newbury Park Dr. near the Berryessa BART station in northeast San Jose.
Swimming pool at Linq apartment complex in the Berryessa district of San Jose. (Core Cos., Republic Urban Properties)The Prospect Park and Ethos Real Estate affiliate paid $97.6 million for the Linq residential hub, according to documents filed on Sept. 3 with the Santa Clara County Recorder’s Office.
The apartment complex is relatively new. Core Cos. and Republic Urban Properties completed development of the residential hub in 2016.
Rooftop views at the Linq apartments in San Jose's Berryessa District, located near the corner of Maybury Road and King Road. (Core Cos., Republic Urban Properties)The just-completed transaction produced a price that equated to slightly more than $424,300 a unit. This price is higher than the per-unit values that arose from some recent apartment deals in Santa Clara County. The recent deals were all below $300,000 a unit.
Related Articles
California building permits tumble to 16% below average San Jose apartment complex bought in $50 million-plus deal New housing plans emerge for abandoned downtown San Jose Greyhound station Santa Clara County hoped to build 4,800 new homes with Measure A money. How did they exceed that goal by 38%? San Jose apartment hub bought in $370 million real estate dealThe per-unit price was robust and holds up well when measured against other South Bay deals in the last year or two.
Still, by other key benchmarks, the transaction is a reminder that the Bay Area apartment market remains feeble due to an array of uncertainties.
The $97.6 million purchase price for Linq was 6% below what the seller, an affiliate of Stockbridge Partners, paid for the apartment hub in 2019. The recent price is also 13.7% below the property’s value as of January 2025, as estimated by the Santa Clara County Assessor’s Office.
Property value outcomes can affect revenue for an array of public agencies.
If real estate values turn soft in a region, the decline could choke a crucial revenue stream for cities, counties, regional agencies and school districts.
In prior endeavors, Ethos Real Estate participated in the purchase of apartment complexes and then worked to preserve affordable housing at the properties.
Ethos Real Estate teamed up with Bridge Workforce & Affordable Housing to buy the 193-unit Sofi at Los Gatos Creek in San Jose. The property was bought to ensure it remained affordable for the average worker.
Besides the San Jose deals, Ethos Real Estate has teamed up with real estate investment firms to buy apartment properties in Walnut Creek, San Mateo and the Orange County city of Santa Ana.
“We focus on providing a spectrum of housing solutions, from ground-up development to the preservation of affordable housing,” Ethos Real Estate says in a post on its website.
Hence then, the article about affordable homes and real estate experts buy san jose apartment hub was published today ( ) and is available on mercury news ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Affordable homes and real estate experts buy San Jose apartment hub )
Also on site :