US real estate investor and operator Waterton has acquired a 212-unit mid-rise apartment community in California.
Waterton has expanded its presence in Silicon Valley with the acquisition of Misora apartment community located at 388 Santana Row in San Jose.
Constructed in 2013, Misora features a mix of studio, one, two and three-bedroom units.
Financial terms of the transaction were not disclosed.
Waterton said it will implement a value-add programme to upgrade units and revitalise amenity spaces.
Ben Slack, vice president, acquisitions at Waterton, said: “We’re currently seeing favorable market dynamics and strong supply-demand fundamentals prevail across the Bay Area and throughout Silicon Valley.
“Demand continues to be driven by the tech sector in this high-barrier-to-entry district that hasn’t seen a new apartment delivery in nearly a decade.”
The acquisition brings Waterton’s owned and managed multifamily portfolio to over 920 units in the Bay Area.
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