A major real estate investor, amid ongoing interest by tech companies such as Google and Adobe Systems in San Jose’s urban core, has scooped up a large apartment complex between the city’s downtown and its retailing mega hub.
Essex Property Trust has paid $104 million for Meridian at Midtown apartments at 1432 W. San Carlos St., Santa Clara County property records show. The sale was completed Oct. 3.
The 218-unit residential complex is in the Midtown section of the city, which links downtown San Jose with the booming retail centers of Santana Row and Westfield Valley Fair and the Apple campuses further west.
The seller was Republic Urban Properties, the developer of the apartments, which opened in 2014, according to Michael Van Every, president and chief executive officer of San Jose-based Republic Urban.
“Midtown is one of the most important neighborhoods in San Jose, especially with what the city is trying to achieve with Google and its investments in downtown San Jose,” Van Every said Thursday.
The apartment complex drew purchasing interest in part because the Midtown district is poised to prosper from the wide-ranging changes expected to follow Google’s proposed transit village near the Diridon train station downtown.
Mountain View-based Google has proposed a transit-oriented community of office buildings, residences, shops, restaurants and open spaces in downtown San Jose where the search giant would employ 15,000 to 20,000 workers.