{"id":1004101064,"date":"2014-07-24T09:02:22","date_gmt":"2014-07-24T17:02:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004101064"},"modified":"2022-12-08T13:49:27","modified_gmt":"2022-12-08T21:49:27","slug":"zurich-alternative-buys-174-unit-m-f-complex-in-silicon-valley-for-87m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/zurich-alternative-buys-174-unit-m-f-complex-in-silicon-valley-for-87m\/","title":{"rendered":"Zurich Alternative Buys 174-Unit M-F Complex in Silicon Valley for $87M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"121<\/a><\/p>\n

Zurich Alternative Asset Management L.L.C. has grabbed a premier apartment community in San Jose, Calif., with a premier price tag.\u00a0 ZAAM, the investment arm of Switzerland\u2019s Zurich Insurance Group, acquired the 174-residence property at 121 Tasman from a joint venture between LCOR Ventures L.L.C. and Cigna Realty Investors for $87 million, or a whopping $500,000 per unit.<\/p>\n

Sited across the street from a light rail station within the Golden Triangle area of the sizzling Silicon Valley apartment market, 121 Tasman welcomed its first residents in July 2013, and by April 2014 the four-story building had already reached 95 percent occupancy. It\u2019s brand new and it\u2019s in the right place at the right time; properties like this one are hard to come by for investors.<\/p>\n

\u201cCore acquisition opportunities of this type in the northern San Jose market are limited because the majority of the residential developments in the area are controlled by institutions with long-term hold periods,\u201d Stanford Jones, an executive vice president with real estate investment services provider Institutional Property Advisors, noted in a press release. IPA represented the seller in the transaction.<\/p>\n

Investors\u2019 attraction to the San Jose market, if not their willingness to pay half-a-million per unit, is easily explained.<\/p>\n

\u201cThe mobile technology boom is creating thousands of jobs across the South Bay and generating demand for high-end apartments from newly employed residents,\u201d according to a report by Marcus & Millichap Real Estate Investment Services, parent company of IPA. \u201cThe resultant increase in jobs and wages is fueling demand for housing across the market.\u201d<\/p>\n

In the first quarter, apartment property transactions plummeted 22 percent year over year in San Jose, per the report, given that \u201cthe queue of investors interested in San Jose apartment properties far outnumber listings.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Zurich Alternative Asset Management has grabbed a premier apartment community in San Jose with a premier price tag. <\/p>\n","protected":false},"author":969,"featured_media":1004101070,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,15],"tags":[],"class_list":["post-1004101064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"\nZurich Alternative Buys 174-Unit M-F Complex in Silicon Valley for $87M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/zurich-alternative-buys-174-unit-m-f-complex-in-silicon-valley-for-87m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zurich Alternative Buys 174-Unit M-F Complex in Silicon Valley for $87M\" \/>\n<meta property=\"og:description\" content=\"Zurich Alternative Asset Management has grabbed a premier apartment community in San Jose with a premier price tag.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/zurich-alternative-buys-174-unit-m-f-complex-in-silicon-valley-for-87m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-24T17:02:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:49:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/121-Tasman.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"479\" \/>\n\t<meta property=\"og:image:height\" content=\"307\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/zurich-alternative-buys-174-unit-m-f-complex-in-silicon-valley-for-87m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/zurich-alternative-buys-174-unit-m-f-complex-in-silicon-valley-for-87m\/\",\"name\":\"Zurich Alternative Buys 174-Unit M-F Complex in Silicon Valley for $87M - 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