San Jose apartment complex bought in $50 million-plus deal

"San Francisco-based Sack Capital Partners is a real estate firm whose expertise includes owning and managing apartment properties, according to the company's website. "The firm's current portfolio includes approximately 3,000 apartments and condominiums in 15 cities in the Western U.S.," the firm states on its website."

"Las Palmas Housing, a real estate-oriented nonprofit, is also part of the ownership group. "Las Palmas specializes in the development and long term ownership of affordable rental housing for senior and family residents," the nonprofit states on its website."

"Just a few days ago, a real estate alliance paid $370 million for Park Kiley, a 948-unit apartment complex at 355 Kiley Ave. in San Jose, documents filed on Aug. 27 show. Measured by dollar amount, the deal represented the largest amount paid for an apartment property so far in 2025. The more recent deal for Fountain Park worked out to about $317,100 a unit - considerably less than the $390,300 per unit in the Park Kiley transaction."

Fountain Park, a 164-unit residential complex at 1028 South De Anza Blvd. in San Jose, sold for $52 million in documents filed Aug. 29 with the Santa Clara County Recorder's Office. Sack Capital Partners, through an affiliate, and nonprofit Las Palmas Housing make up the ownership group. Sack Capital Partners is San Francisco–based and manages apartments and condominiums across roughly 15 Western U.S. cities with about 3,000 units. Las Palmas focuses on developing and long-term ownership of affordable rental housing for seniors and families. Fountain Park was built in 1974. The sale equates to about $317,100 per unit, lower than Park Kiley's recent $390,300 per-unit sale.

Read at The Mercury News