Ethos Real Estate and Prospect Ridge affiliate paid $97.6 million for LINQ, a 230-unit multifamily property at 1700 Newbury Park Dr. near the Berryessa BART station in northeast San Jose. Core Cos. and Republic Urban Properties completed development of the complex in 2016. The purchase equated to about $424,300 per unit, above some recent Santa Clara County transactions that were under $300,000 per unit and competitive with other South Bay deals. The price was 6% below the seller's 2019 acquisition and 13.7% below the January 2025 assessed value. Softer real estate values can reduce revenues for local public agencies.
The apartment complex is relatively new. Core Cos. and Republic Urban Properties completed development of the residential hub in 2016. The just-completed transaction produced a price that equated to slightly more than $424,300 a unit. This price is higher than the per-unit values that arose from some recent apartment deals in Santa Clara County. The recent deals were all below $300,000 a unit.
Still, by other key benchmarks, the transaction is a reminder that the Bay Area apartment market remains feeble due to an array of uncertainties. The $97.6 million purchase price for LINQ was 6% below what the seller, an affiliate of Stockbridge Partners, paid for the apartment hub in 2019. The recent price is also 13.7% below the property's value as of January 2025, as estimated by the Santa Clara County Assessor's Office.
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