360 Residences Now For Rent

One of the three landmark buildings in downtown San Jose just opened their doors as an apartment complex. 360 Residences was developed as a condo project some 4 years ago.  The developers originally took deposits on the unfinished units to sell.  The market got softer and many of the purchase contracts went into limbo or the deposits were returned.  In 2010, the building was re-introduced into the for sale market with new pricing.  But... sales did not go well and the whole building eventually reverted back to the Bank that lent on the project.  Kennedy Wilson - a real estate investment group - bought the loan and eventually the property from US Bank.  Kennedy Wilson plans to hold the asset as a rental property for the foreseeable future.  The apartment market in Silicon Valley is very hot and Kennedy Wilson will be a happy landlord.  Years from now, if economies turn to a much more favorable condo sale market, then we may see 360 Residences emerge again as hot condos to buy.