Carmel Partners to Renovate ‘One38,’ Boutique Apartments in San Jose, California

From coast to coast, Carmel Partners cultivates value in the nation’s most enticing metropolitan centers, through development and renovation projects that exude class and style. Their distinguished presence throughout the country finds a focal point in Northern California, where properties such as ‘Atlas’ build a positive impression in Oakland, through abundant amenities, courtesy services, stunning high-rise views and convenient proximity to the 12th Street BART station. Across the bay, ‘The Asher’ is a community with a blissful combination of indoor and outdoor amenities, also offering a short walk to the nearby BART station in Fremont. Such properties in Northern California and beyond have led the firm to a perfected development platform that defines excellence in the commercial real estate industry.

With a robust background in multifamily real estate development, Carmel Partners is embarking on a new project in San Jose, California. Built in 2019 by Silicon Sage Builders, ‘One38’ is a boutique community with 101 apartment units–a refreshingly intimate atmosphere located on 138 Balbach Street. Using their signature branding and development process, Carmel Partners will renovate the property to enhance its already outstanding features.

Sparking the San Francisco-based firm’s interest in the property was its appealing location in San Jose, the capital of the Silicon Valley. Known as a prominent hub for technology and innovation, the city houses an ever-growing base of industry leaders, amounting to over 6,600 tech companies. Just half a mile from One38 are the world headquarters for Adobe and Zoom, as well as the Google campus at Diridon Station within walking distance. Adding to an already impressive list of San Jose-based technology companies, Cisco, eBay, PayPal and Roku also have their headquarters in the city, posing competitive employment opportunities for residents, with convenience as a plus. 

One38’s proximity to technology was just one influential factor in Carmel Partners’ acquisition of the property. Adding allure, the property finds its roots south of downtown San Jose in the creative district. Home to a captivating collection of lifestyle amenities, the firm identified the connection to arts, cuisine, nightlife and entertainment destinations as a source for added value. The trendy neighborhood brims with high-end coffee shops, cocktail bars and a local farmers market. Residents may also explore an array of museums, from The Tech Interactive to the Institute of Contemporary Arts San Jose, as well as theaters, from the San Jose Center for the Performing Arts to the California Theatre. By contrast, a tree-lined private neighborhood creates a blissful escape from the commotion of urban lifestyle activities. 

As residents discover the appeal of San Jose, Carmel Partners will introduce them to a renewed living experience at One38. Originally built as condominiums, the property’s existing units feature outdoor access, with either a private patio or balcony, and have expansive floor plans, positioning the property as a strong competitor in the growing San Jose market. Reimagining the units as for-rent apartments, Carmel Partners will also preserve the existing spaces, which include generously-sized closets, dens, dining rooms and laundry rooms, complemented by high-end finishes.

To match the already exceptional unit interiors, one of Carmel Partners’ main objectives will be to enhance the design and functionality of the property’s amenity spaces, including the fitness center, coworking lounge and outdoor courtyard. 

After its interior, exterior and brand transformations, Carmel Partners will reintroduce One38 into San Jose with a presence aligned with the creative district, its residents and the redeveloped property. Executed by an experienced hand in design and development, One38 will invite residents to enjoy the pleasures of the vibrant city, or retreat to a tastefully intimate and appealing space.

About Carmel Partners

Carmel Partners is one of the leading specialists in real estate investment management with a focus on U.S. multifamily acquisition and renovation, and development and construction. The company also specializes in debt and lending opportunities. Carmel Partners, LLC was founded in 1996 and has offices across the country, including San Francisco, Los Angeles, Irvine, New York City, Seattle, Washington D.C., and Denver. For more information, please visit


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