Federal Realty Completes Sale of Levare Apartments at Santana Row

Disposition of stabilized asset reinforces long-term value creation strategy

N. BETHESDA, Md., May 14, 2025 /PRNewswire/ -- Federal Realty Investment Trust (NYSE:FRT) today announced the sale of Levare, a 108-unit Class A residential building located within Santana Row in San Jose, California, for $74 million.

Delivered in 2011, Levare has played a meaningful role in the evolution of Santana Row and reached a point in its lifecycle where Federal Realty could monetize its value and reallocate capital toward higher-return opportunities. The property was 95% leased at the time of sale.

"This transaction reflects our ability to unlock value at the right time and put capital to work where we see the greatest long-term upside," said Jan Sweetnam, Executive Vice President, Chief Investment Officer at Federal Realty. "It's a great example of our broader focus on maximizing returns while continuing to elevate high-performing assets like Santana Row."

"Levare represents the type of high-quality, well-located multifamily asset that continues to draw strong institutional interest, even in a selective investment environment," said Will Purcell, Director at Eastdil Secured. "Its location within Santana Row—one of the most vibrant and proven mixed-use destinations in the country—made it a particularly compelling offering."

Santana Row is Silicon Valley's most prominent mixed-use destination, encompassing more than 2.5 million square feet across retail, office, residential, and hotel uses in San Jose, California. The neighborhood includes over 50 shops, 30 restaurants, 662 rental homes, 219 privately owned condominiums, a 215-key boutique hotel, and approximately 1 million square feet of Class A office space—including the adjacent Santana West. With more than 8.5 million annual visits, Santana Row continues to demonstrate sustained demand across asset classes and remains a key contributor to Federal Realty's long-term value creation.

About Federal Realty

Southern California. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 103 properties include approximately 3,500 tenants, in 27 million commercial square feet, and approximately 3,100 residential units. 

Federal Realty has increased its quarterly dividends to its shareholders for 57 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

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SOURCE Federal Realty Investment Trust