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Saturday, November 27, 2010

360 Residences is Converting from Condos to Rentals

Interesting news today. It looks like the 360 Residences high-rise in SoFA is in the process of being converted to a rental building. I was wondering why people haven't started moving in yet!

I think this is actually a good idea, and the 200+ units could always be converted back to condos in the future. Instead of waiting a couple years for the building to fill up, the strong rental market in the South Bay will likely fill up the building really quickly. That means more foot-traffic to support downtown restaurants and retail, particularly in the SoFA district. You can already see the difference that The 88 and Axis have made downtown, so this building can't fill up soon enough!

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10 comments:

  1. Adrian GutierrezNovember 30, 2010 at 5:01 PM

    This is great news! There aren't any apartments in the downtown area this nice but I would hate to imagine how expensive the rent will be if they keep all of the amenities that were originally planned.

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  2. jonDecember 3, 2010 at 8:44 AM

    im curious how you found out about this... trying to gauge the timing for their opening and what rents might be.

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  3. Joshua SantosDecember 3, 2010 at 9:09 AM

    Found out through the San Jose Business Journal, and I'm sure the rents won't be cheap. My guess is around $1500 for a 1bd/1ba and $2250 for a 2bd/2ba.

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  4. UnknownDecember 3, 2010 at 10:02 AM

    When will they be rented?

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  5. San Jose CondosFebruary 7, 2011 at 4:28 PM

    I heard from their sales manager that they plan to start moving in new renters buy the middle of this summer. Just in time to get some use of the awesome pool this complex has. I am sure the business around downtown San Jose are going to be very happy when all these new customers start coming in..

    Danielle Contreras | Real Estate Consultants

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  6. Joshua SantosFebruary 19, 2011 at 11:41 AM

    I can't wait for that building to open, it will bring some nice activity to SoFA. We'll have the San Pedro Market opening up around the same time, so I think it's going to be a really good summer for Downtown.

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  7. AnonymousApril 19, 2011 at 8:36 AM

    FPI won the contract to manage the leasing. 2/2s will probably be in the $2300-2800 range.

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  8. LouisJune 26, 2011 at 8:03 PM

    If that's the case, then it would be better. Converting condos to rentals is a really great idea.

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  9. Joshua ChuaAugust 9, 2011 at 6:35 PM

    Condotels take a good number of condominiums in the Philippines and abroad. It's really convenient for people looking for a temporary place to stay in.

    makati condos

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  10. DaleAugust 18, 2011 at 12:30 AM

    That's a very interesting. Residents in that condo might really consider converting it into rentals because of certain reasons.

    virtual office

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