Archway Equities and Virtú Investments have acquired The James, a 190-unit luxury apartment complex located at 98 North First Street in downtown San Jose, for a total sale price of $74.25 million. The property is part of the multifamily asset type and is situated in the San Jose market. With a price per unit (PPU) of $390,789, this transaction represents a strategic investment by the buyers in the South Bay's recovery and their anticipation of opportunities in supply-constrained coastal markets.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $74,250,000
• Market: San Jose
• Address: 98 North First Street
• Buyer(s): Archway Equities (Sean Moghavem and Sankeerth Pulusani); Virtú Investments (Michael Green)
• Seller: Fairfield
• Brokers: Brett Betzler, Kaohu Berg-Hee, and Rachel Parsons of Berkadia
• Lender: Freddie Mac
• Mortgage Broker: Brian Eisendrath of Institutional Property Advisors - Marcus & Millichap
• Units: 190
• Price per Unit (PPU): $390,789

The acquisition of The James demonstrates the confidence of Archway Equities and Virtú Investments in the recovery of the South Bay, fueled by the return to office work. This transaction also showcases their strategic approach to capitalize on opportunities in coastal markets with limited housing supply. The involvement of key individuals such as Sean Moghavem, Sankeerth Pulusani, Michael Green, Brett Betzler, Kaohu Berg-Hee, Rachel Parsons, Brian Eisendrath, and brokerage firms like Berkadia and Institutional Property Advisors - Marcus & Millichap further strengthens the significance of this deal.