Stockbridge Capital acquires San Jose apartment complex

Stockbridge Capital Group has acquired a 230-unit luxury apartment community in San Jose on behalf of its third value-add fund, Stockbridge Value Fund III.

A partnership composed of Republic Urban Properties and The Core Companies sold Stockbridge the apartment complex for an undisclosed sum.

The property, known as LINQ, is located at 1700 Newbury Park Drive less than a half mile from the future Berryessa BART station and 10 minutes from downtown San Jose. Amenities include a resort-style pool and spa, state-of-the-art fitness center, yoga center, outdoor courtyard with grilling stations and a 7,400-square-foot Skydeck with 360-degree views of Silicon Valley.

Floor plans include a variety of studio, one- and two-bedroom options averaging 818 square feet with features, including stainless-steel appliances, plank flooring, in-unit washers and dryers, and personal balconies, according to Stockbridge. The property encompasses more than 11,000 square feet of ground-floor retail, which is 100 percent occupied.

JLL marketed the property exclusively on behalf of the seller and procured the buyer.

Stockbridge’s Value Fund III held a final close in April 2018 with $355 million in capital commitments. The fund targets CBD office, industrial, multifamily and retail value-add assets in the United States.

The firm is also reportedly looking to launch a successor fund, Stockbridge Value Fund IV, for which it is targeting $500 million in capital commitments. The fund is scheduled to launch on Nov. 1 and will follow the same investment strategy as its predecessor.

Stockbridge could not be reached to comment on its fundraising efforts.