Santana Row, one of San Jose’s most iconic mixed-use developments, has just witnessed a major transaction. The Levare apartment building, a 108-unit complex within Santana Row, was recently sold to an affiliate of Hines, a global real estate firm.
The deal, valued at approximately $74 million, marks a strategic move by Federal Realty Trust, the developer and primary owner of Santana Row. By selling Levare, Federal Realty Trust aims to reallocate capital toward higher-return opportunities while continuing to enhance the vibrancy of Santana Row.
Levare, developed in 2011, has been a standout property within Santana Row, boasting a 95% lease rate at the time of the sale. As one of three apartment buildings in the development—alongside Misora and Santana Heights—Levare has played a key role in shaping Santana Row into a thriving community. The sale to Hines, a firm with a global footprint, signals confidence in San Jose’s real estate market and its potential for long-term growth.
Source: SVBJ
