The recent sale of the Levare apartment building, a 108-unit complex in San Jose's Santana Row, to an affiliate of Hines for about $74 million reflects a strategic reshuffling by Federal Realty Trust. This move allows Federal Realty to focus investments on higher-return opportunities while fostering the development's ongoing vibrancy. With a notable 95% lease rate at the time of sale, Levare's role has been pivotal in shaping the community alongside two other apartment buildings. The transaction reinforces confidence in San Jose's real estate market and its growth potential.
The recent sale of the Levare apartment building for approximately $74 million showcases a strategic real estate capital shift by Federal Realty Trust to enhance Santana Row.
By reallocating the capital from the Levare sale, Federal Realty Trust is positioning itself to explore higher-return opportunities while continuing to improve Santana Row's vibrancy.
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