Wednesday, April 27, 2011

360 residences apartments for rent

Finally there are good new news for Bay Area residents who want to live in 360 Residences apartment building in the downtown San Jose, but prefer to pay rent instead of paying mortgage, HOA fees and property taxes. Kennedy Wilson, international real estate investment and services company, announced the opening 360 Residences condo complex as rental apartment.

360 Residences was originally built as a for sale condominium by Mesa SOFA Partners but none of the units sold despite the persistent advertisements that half the units already sold. Most likely the developer was trying to build the sense of urgency for potential buyers. As result of this mess, the contractors started to seek pay for their work on 360 Residences and have filed liens totaling $2.1 million against, the builder of the $200 million downtown San Jose condo tower. In November 2010, the project lender, U.S. Bank, sold the loan on the project to Kennedy Wilson. A few month later Kennedy Wilson, as SJ Real Estate Partners, LLC, bought 360 Residences apartments at a foreclosure sale in March 2011 for $130,121,747.

Last week the redevelopment agency of the city of San Jose approved the conversion of Three Sixty Residences into a rental apartment building, hoping that fully occupied building will help activate downtown San Jose and expose downtown businesses to the incomes of new renters. The approval also grants the owner rights to start condo conversion project and sell condos in 360 Residences approximately five years, depending upon market conditions.

360 Residences is 24-story high-rise tower in San Jose downtown and consists of one bedroom-one bath to three bedroom-three bath apartments averaging 1,320 square feet. Residential amenities include 242 indoor parking spaces, a concierge doorman, fitness center, outdoor pool and a private landscaped outdoor garden and terrace. 360 Residences includes approximately 11,000 sq. ft. of street level retail space that serves the apartment and surrounding residences.

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