JLL closes $103.8M sale of Bay Area luxury apartments
Recently completed, transit-oriented community in San Jose is walking distance to future BART station
SAN FRANCISCO, October 11, 2019 – JLL announced today that it has closed the $103.8 million sale of LINQ, a 230-unit, transit-oriented luxury apartment community in the San Francisco Bay Area community of San Jose, California.
JLL marketed the property exclusively on behalf of the seller, a partnership between Republic Urban Properties LLC and The Core Companies, and procured the buyer, Stockbridge, on behalf of the firm’s Value Fund III, a closed-end, value-add vehicle.
LINQ is located at 1700 Newbury Park Drive less than a half mile from the future Berryessa BART station. The property is less than 10 minutes from downtown San Jose, where more than 10 million square feet of commercial space is expected to deliver in the next 10 years. First-class amenities at the community include a resort-style pool and spa, state-of-the-art fitness center, yoga center, outdoor courtyard with grilling stations and a 7,400-square-foot Skydeck with 360-degree views of the Silicon Valley. Floor plans include a variety of studio, one- and two-bedroom options averaging 818 square feet with features, including stainless-steel appliances, plank flooring, in-unit washers and dryers and personal balconies. In addition, the property encompasses more than 11,000 square feet of ground-floor retail, which is 100% occupied.
The JLL Capital Markets team representing the seller included Managing Director Scott Bales, Director Peter Yorck and Analyst Nolan Moore.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker (CA Real Estate License No. 01223413).
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Republic Urban Properties LLC
Republic Urban Properties LLC, a division of the Republic Family of Companies, represents a privately owned, full-service real estate investment, management and development enterprise based in San Jose, California. For over 30 years, Republic and each of its principals have focused on institutional-quality real estate, actively managing partnerships and other fiduciary relationships that result in successful real estate investments throughout the United States. Republic’s senior management team has over 150 years of combined experience and has successfully developed and invested in real estate transactions valued in excess of $6 billion. republicfamilyofcompanies.com
About The Core Companies
Established in 1989, The Core Companies is a vertically integrated real estate development and construction firm. Core has developed a strong track record for identifying well-located housing sites and securing challenging difficult entitlements throughout the San Francisco Bay area. In addition to developing and constructing its own projects, Core offers third-party pre-development, development management and construction services. Learn more at thecorecompanies.com.
Stockbridge (stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California, with offices in Atlanta and Chicago. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of June 30, 2019, the firm’s total assets under management totaled approximately $14.9 billion.