Waterton, a national real estate investor and operator, has acquired Misora, a 212-unit mid-rise apartment community located at 388 Santana Row in San Jose. The seller and sale price were not disclosed. Waterton will institute a broad value-add program to upgrade residences and revitalize the amenity spaces.
“We’re currently seeing favorable market dynamics and strong supply-demand fundamentals prevail across the Bay Area and throughout Silicon Valley,” said Ben Slack, VP, acquisitions at Waterton. “Demand continues to be driven by the tech sector in this high-barrier-to-entry district that hasn’t seen a new apartment delivery in nearly a decade.”
Built in 2013, Misora offers a variety of larger-than-average floorplans across studio, one-, two- and three-bedroom configurations. The location is just a few blocks from the I-880 and I-280 interchange. The acquisition brings Waterton’s owned and managed multifamily portfolio to more than 920 units in the Bay Area.
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