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SAN JOSE - The owner of a 298-unit riverfront apartment complex on San Jose Boulevard has put it up for sale and expects the new owner to market it as condominiums.
AIMCO, a Denver-based apartment manager and owner, expects to close on the sale of the River Reach Apartments on Aug. 30, said Mark Reoch, director of dispositions. He would not identify the buyer.
The complex is on 14.7 acres on the St. Johns River just north of University Boulevard. The city has assessed the property's value at $13.5 million.
"We thought it was an opportune time to sell with a potential condo conversion," Reoch said. "We thought that was a viable candidate. It...