Apartments at Santana Row in San Jose are bought for $140 million-plus

"Misora, a 212-unit apartment property located on Hatton Street between Olin Avenue and Olsen Drive in San Jose, has been bought for $148.5 million, according to documents filed on Feb. 5 with the Santa Clara County Recorder's Office. Misora, a 212-unit apartment complex at the corner of Olsen Avenue and Hatton Street within the Santana Row neighborhood of west San Jose."

"In May 2025, Federal Realty sold Levare, a 108-unit apartment hub at 3003 Olin Ave. in Santana Row. Hines, a major real estate firm, paid $73.9 million for Levare, which worked out to $684,300 a unit, one of the higher per-unit prices for apartment complexes in the South Bay since the coronavirus outbreak. The just-completed deal for Misora works out to $700,500 a unit, a price that suggests Santana Row apartment properties are producing robust values despite financial setbacks for some South Bay residential hubs."

Misora, a 212-unit apartment complex at Santana Row in west San Jose, sold to Chicago-based Waterton for $148.5 million. The sale was recorded Feb. 5 with the Santa Clara County Recorder's Office and equates to about $700,500 per unit. Federal Realty Investment Trust sold the asset to Waterton after previously selling Levare, a 108-unit Santana Row property, to Hines for $73.9 million (about $684,300 per unit). A separate downtown tower, the Fay (336 units), was foreclosed and given a lender valuation of $110 million, or $327,400 per unit. Federal Realty is building a new 258-unit project at 358 Hatton St.

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