MILPITAS — A veteran real estate investor with a national reach has bought a big apartment complex in Milpitas, a deal that points to ongoing strong buyer interest in the Silicon Valley housing market.
Victorian Square, an apartment complex in Milpitas, has been bought by an affiliate of Klingbeil Capital Management, a real estate firm with a San Francisco office and roots in Ohio, according to public property and business records.
The 96-unit Victorian Square, located at 2021 N. Milpitas Blvd. in Milpitas, was bought for $36.3 million, property records filed with Santa Clara County officials on Oct. 2. show.
Located near the tech hubs in San Jose, Milpitas, and Fremont, the apartment complex appears to be in strong demand from renters.
The apartments.com website states that none of the units in the complex are available for rent.
The new owner of the Victorian Square apartment complex states that it owns a wide range of properties, according to the buyer’s website.
“Klingbeil Capital Management is a multi-faceted national real estate company with holdings throughout the United States,” the company said.
Described as a family business, Klingbeil Capital’s site says the company was founded in 1959 in Columbus, Ohio.
“In over 50 years of business, the company has expanded nationally into many real estate sectors including multifamily, single-family, student housing, land-development, condominiums, self-storage, commercial and medical office buildings,” Klingbeil Capital stated.
The buyer says it has bought commercial properties collectively worth hundreds of millions of dollars during the last two decades.
“Klingbeil Capital Management specializes in real estate investment for its own account and on behalf of institutional investors, with close to $2 billion of apartment acquisitions in the last 20 years,” the company said.