- Hines has purchased the 108-unit Levare complex in San Jose’s Santana Row for $73.9M, translating to approximately $684K per unit.
- Built in 2011, Levare spans 1.5 acres and includes high-end amenities and units ranging from 748 to 2,399 SF.
- The acquisition underscores the growing appeal of Santana Row, which continues to attract major office, retail, and restaurant tenants.
A Strategic Buy
Global real estate firm Hines has added to its multifamily portfolio with the purchase of Levare in Santana Row, reports The Real Deal. The $73.9M deal was made with an affiliate of Federal Realty Investment Trust, the original developer of the 42-acre mixed-use district.
Property Profile
Levare comprises 108 one-, two-, and three-bedroom units across two four-story buildings. Built in 2011 at a development cost of $25.2M, the property includes top-tier amenities such as a pool, lounge, fitness center, game room, and outdoor grilling areas. Current monthly rents range from $3,398 to $9,022.
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Prime Location Advantage
The property sits on the east side of Santana Row, a vibrant hub combining retail, office, hospitality, and residential spaces. Recent leasing activity includes AI firms and PwC, which secured major office space in the area.
The Players
Federal Realty, based in Maryland with $8.62B in assets, remains central to Santana Row’s growth. Hines, with $90.1B globally, is expanding in Silicon Valley’s premium multifamily market.
Why It Matters
The acquisition highlights investor confidence in luxury multifamily assets within high-demand, mixed-use environments like Santana Row. Shifting work trends and urban lifestyles keep assets like Levare in vibrant areas such as Santana Row appealing to tenants and institutional investors.
What’s Next
Santana Row’s tech and lifestyle momentum suggests continued strong investment and development interest in the district. Hines’ acquisition could signal further consolidation of high-value multifamily assets by major institutional players.
