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River Oaks Apartments, LLC Acquires Mixed-Use Property In San Jose For $27.8M

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SOLD
$27,800,000
John Chu
Ed Rosen
+ 1

California

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Mixed-use
Sold 07/10/2023
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SOLD

River Oaks Apartments, LLC Acquires Mixed-Use Property In San Jose For $27.8M

3752 Park Blvd San Diego, CA 92103, USA

See Similar Deals
Mixed-use
Sold 07/10/2023
John Chu
Ed Rosen
+ 1
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Summary

CALIFORNIA
Asset Type:Mixed-use
Transaction Type:Sale

The Hillcrest apartment building, known as Mr. Robinson, located at 3752 Park Boulevard in San Jose, has been sold for $27.8 million. The mixed-use property features 34 apartments along with commercial space. Notable tenants include HOB Coffee and Trust restaurant. The sale price translates to a per unit price of $817,647.

Summary of Transaction Details

  • Property Type: Mixed-use
  • Transaction Amount: $27,800,000
  • Address: 3752 Park Boulevard, San Jose
  • Market: San Jose
  • Buyer: River Oaks Apartments, LLC
  • Seller: Jonathan Segal
  • Brokers: Ed Rosen, John Chu & Tyler Sinks - Berkadia
  • Units: 34
  • Price Per Unit: $817,647

San Diego architect and developer Jonathan Segal successfully sold the Hillcrest apartment building, Mr. Robinson, for $27.8 million. The buyers, River Oaks Apartments, LLC, seized this opportunity to acquire a mixed-use property consisting of 34 apartments and several commercial spaces. Berkadia, represented by Ed Rosen, John Chu, and Tyler Sinks, played a significant role as the broker for this transaction.

Players

5 deals$250.3M volume(855) 870-0096
BROKER


John Chu
NorthMarq
8 deals$315.4M volume(858) 675-7868
BROKER

Details

SOLD
IMAGE: Ed Rosen, John Chu & Tyler Sinks DATE: 07/10/2023 ADDRESS: 3752 Park Boulevard MARKET: San Jose ASSET TYPE: Mixed-use BUYER: River Oaks Apartments, LLC SELLER: Jonathan Segal BROKERS: Ed Rosen, John Chu & Tyler Sinks - Berkadia (@Berkadia) SALE PRICE: $27,800,000 UNITS: 34 ~ PPU: $817,647 NOTE: San Diego architect and developer Jonathan Segal has sold the Hillcrest apartment building, Mr. Robinson, for $27.8 million. The property includes 34 apartments, commercial space, and notable tenants like HOB Coffee and Trust restaurant.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,482,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$98,767.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$131,786.18
Annual Debt Service$1,581,434.19