An affiliate of San Francisco–based Prime Residential has paid $255.5 million for the Domain Apartments, a 444-unit complex in North San Jose, according to media outlets.
The seller was Equity Residential.
Fueled by a strong economy led by its technology industry, San Jose’s multifamily sector remains healthy, reported Yardi Matrix. San Jose’s economy has continued to be strong, adding 25,600 jobs in the 12 months ending in February, a 2.0 percent growth in rate of employment year-over-year.
Multifamily transaction activity slowed during the first quarter, following a $1 billion year in 2018, with two assets trading for a total of $101 million. Properties located in core submarkets close to corporate campuses remain in high demand.
