Newmark [1] announces it has arranged the sale of Centerra Apartments, a 347-unit apartment tower located in San Jose, California. The asset sold for an undisclosed amount.

Newmark Vice Chairman Scott Bales and Senior Analyst David Hosler represented the seller, AFL-CIO Building Investment Trust, advised by PNC Realty Investors. Newmark Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz arranged the acquisition financing.

Located at 77 N. Almaden Avenue, the high-rise property is comprised of 21 floors totaling 325,169 square feet of residential space and approximately 7,000 square feet of retail. Built as apartments with condo mapping in-place, the asset offers a unique mix of one-, two- and three-bedroom units including townhomes, live works, lofts and junior units.

“Newmark is proud to have represented our client in the sale of this highly unique luxury property,” said Bales. “Centerra is one of the only high-rise apartment towers in Silicon Valley and is located on the best block in Downtown San Jose, directly across the street from San Pedro Square”.

Centerra Apartments features world class amenities including a pool and spa, an integrated parking structure, a media lounge with bar and fireplace, a fitness center, outdoor gathering spaces, a conference center and a game room. The property is situated in San Jose’s transit-oriented downtown core, across the street from the San Pedro Square and one block from the Highway-80 on-ramp.

Investor appetite for U.S. multifamily assets surged during the second quarter of 2022 with $86.3 billion in sales volume, according to Newmark Research. This represented a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume during the first half of 2022 accelerated 53.1% compared with the first half of 2021. This uptick in activity was in part due to buyers and sellers deliberately transacting ahead of impending FOMC rate hikes and the mid-term elections later in the year.