A Los Angeles real estate firm paid $93.5 million for an apartment complex in South San Jose that is located down the street from Valley Oak Technology Park.
The Duo Apartments is a four-story, two-building complex that has 301 units ranging from studio-size up to three-bedrooms. JRK Investors Inc. bought the property from Fairfield Residential Company LLC, according to paperwork filed Wednesday with the Santa Clara County Clerk-Recorders office.
JRK paid nearly $311,000 a unit for the three-year-old complex, whose two buildings are located at 6670 Emergent Way and 6520 Gamma Way. According to listings on the property website, the asking rent for a studio apartment at Duo is $2,560 a month, while a three-bedroom, two-bathroom unit runs up to $4,010 a month.
The buying and selling parties also signed an agreement that prohibits JRK from converting the rental units into condominiums for purchase. Meltzer, Purtill & Steele LLC represented the seller, while Gibson, Dunn & Crutcher LLP represented the buyer, according to paperwork filed with the County.
Representatives of Fairfield, JRK and both law firms did not immediately respond to requests for comment.
To the north of Duo, other multifamily housing complexes line the cross street of Via del Oro. To the south, underneath Highway 85, is Valley Oak Technology Park, which features major companies like BAE Systems, Northrup Grumman Corporation, Applied Engineering, Inc. and the Jabil Blue Sky Innovation Center.
The deal marks at least the third time in the last three years Fairfield has sold a Silicon Valley property it developed for a high dollar amount. In 2020, it offloaded a 315-unit apartment complex near Diridon Station for $184 million to a Milwaukee-based group. Three years later, it sold a 373-unit 10-year-old Milpitas property for $153.5 million to a Colorado real estate firm.
