In a Silicon Valley multifamily trade, Hines has acquired Levare, a 108-unit residential property in San Jose’s Santana Row area, for $73.9 mil ($684k/unit). The property, located at 3003 Olin Rd, south of Stevens Creek Blvd and west of I-880, was sold by Federal Realty Investment Trust. Built in 2011, the property was 95% leased at the time of sale.
The community features private gardens and terraces, a large courtyard for outdoor gatherings, built-in barbeques for entertaining, a fitness center and subterranean parking. Units at Levare offer expansive nine-foot ceilings, floor-to-ceiling windows, GE and Bosch appliances, Grohe and Kohler plumbing fixtures, deep soaking tubs, hardwood laminate floors, stone countertops and stackable washer/dryers.
“Levare represents the type of high-quality, well-located multifamily asset that continues to draw strong institutional interest, even in a selective investment environment,” said Will Purcell, Director at Eastdil Secured. “Its location within Santana Row—one of the most vibrant and proven mixed-use destinations in the country—made it a particularly compelling offering.”
Santana Row is a desirable Silicon Valley mixed-use destination, encompassing more than 2.5 msf across retail, office, residential, and hotel uses in San Jose. The neighborhood includes over 50 shops, 30 restaurants, 662 rental homes, 219 privately owned condominiums, a 215-key boutique hotel, and approximately 1 msf of Class A office space—including the adjacent Santana West.
