REBusinessOnline

250-UNIT MULTIFAMILY PROPERTY UNDERWAY

SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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