SAN JOSE — A downtown San Jose-space business office house that could be redeveloped as a housing task has been purchased by a South Bay authentic estate team.
The group compensated $5.3 million for the web site, which is situated at 380 N. Very first Avenue, in accordance to paperwork found at the Santa Clara County Recorder’s Business.
The new owners of the residence are planning to create at the very least 100 models of housing on the web site.
The website is positioned in an prospect zone, which are geographic parts that supply tax benefits to persons who make investments in homes that are considerably redeveloped.
“I like the location, the community and the opportunity zone,” reported Mostafa Aghamiri, a Silicon Valley tech government who is top the possession and development team for the internet site.
The buying team purchased the property by an all-income offer, the county files present. The transaction was arranged as a result of brokers Ty Ataei and Ralph Borelli, both veterans of South Bay authentic estate.
“The owner is wondering of building 100 to 118 units at the web page,” claimed Ataei, a Campbell-centered Realty One Team Infinity broker who represented the customer. “It would be 7 tales.”
The property is upcoming to a light rail line that’s a few teach stops away from the Diridon Station place exactly where Google plans to build a mixed-use neighborhood.
“The house is a terrific website, it has frontage on three sides,” claimed Borelli, chairman of San Jose-centered Borelli Investment decision Co., which represented the seller.
The site totals .5 acres, according to files at the County Assessor’s Business office.
“The 380 North To start with web page is exceptionally demanding owing to its compact acreage and being narrow,” explained Bob Staedler, principal govt with Silicon Valley Synergy, a land-use consultancy. “Iamesi Village that just opened is 135 models and on around an acre.” The Iamesi Village residential growth is at 201 Bassett St.
The just-purchased 380 N. Initial St. web-site has frontage on North To start with Avenue, Bassett Street and North Next Street, county public records show.
“The residence is near to downtown San Jose, it’s in an opportunity zone and Google is nearby,” Ataei reported.
Aghamiri’s tech skills incorporates founding ITRenew, a Silicon Valley firm that provides software to wipe info and also aids shoppers to dispose of undesired facts technological innovation assets.
“The new owner is exploring new choices in Silicon Valley and wishes to provide his experience to real estate,” Ataei explained.