Housing: Big real estate investor grabs Milpitas apartments near tech hubs

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.

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Source: FS – All – Real Estate News 1
Housing: Big real estate investor grabs Milpitas apartments
near tech hubs