Oaktree and MG Properties acquire San Jose apartment community
Funds managed by Oaktree Capital Management in a joint venture with MG Properties have purchased The Platform Urban Apartments, a 551-unit community in San Jose, Calif.
Financial terms were not disclosed. The sellers were represented by Eastdil Secured.
The Platform is a transit-oriented, mixed-use community with 35,000 square feet of ground floor retail completed in 2019. Located in the Berryessa submarket of San Jose, The Platform is in a premier Bay Area location defined by strong employment growth by established and expanding global-technology companies.
“We believe the Bay Area is poised for a recovery and is well priced in comparison to other markets,” said Jeff Gleiberman MG Properties President. “The Bay Area market is seeing explosive employment growth, which we expect to drive multi-family demand.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “We are excited about our partnership with MG Properties to acqui