SAN JOSE, CALIF. — A joint venture between Archway Equities and Virtú Investments has acquired The James, a Class A apartment community in downtown San Jose. Fairfield sold the asset for $74.2 million.
Located at 98 N. First St., The James features 190 apartments in a mix of studio, one- and two-bedroom floor plans, 7,256 square feet of street-level retail space and a 251-space subterranean garage. Common amenities include a fitness center, resort-style pool, resident clubhouse, conference rooms, a dog washing station, outdoor meeting areas with barbecues and fire pits, and a bike storage facility.
At the time of closing, the property was 95 percent leased. The James was built in 2019.
Virtú Investments will manage the property through its property management division North Coast. Brian Eisendrath of Institutional Property Advisors arranged acquisition financing from Freddie Mac for the buyers. Brett Betzler, Kaohu Berg-Hee and Rachel Parsons of Berkadia represented the seller in the deal.