Phoenix-based Picerne Real Estate Group has opened The Esplanade, a $52 million apartment and retail complex in San Jose, Calif. The project is a joint venture of Picerne and Century City, Calif.-based SunAmerica Inc., a financial services company.
The 278-unit community, which will also feature 5,700 sq. ft. of retail space, will offer studio, one-, two- and three-bedroom units. The size of the one-, two- and three-bedroom apartments will range from 1,200 sq. ft. to more than 1,500 sq. ft. Rental rates will start at about $1,700 per month.
In other Picerne news, the company has completed the lease-up on The Belmont, a $26 million, 348-unit garden apartment complex in Las Vegas. The property is a joint venture between Picerne and Key Global Capital, an affiliate of Cleveland-based KeyBank.
The complex offers one-, two- and three-bedroom units, with sizes ranging from 768 sq. ft. to 1,385 sq. ft. Rents range from $710 per month to $1,065 per month. Amenities include a fitness center, two pools and a clubhouse with a movie theater.
Picerne has also started leasing at The Boulders at Lone Mountain, a $29 million, 388-unit garden apartment complex also in Las Vegas. Like The Belmont, The Boulders offers one-, two- and three-bedroom units. Apartment sizes range from 768 sq. ft. to 1,385 sq. ft., while monthly rents range from $720 to $1,025. The complex features an amenity package similar to that of The Belmont.