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.