Standard Communities And Vistria Group Acquire Park Kiely Multifamily In San Jose For $410M

The property asset involved in this transaction is a multifamily complex located at 355 Kiely Boulevard in San Jose, California. It encompasses 948 square feet of living space and sits on 32 acres of land. The acquisition was financed through a loan totaling $410,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $410,000,000
• Loan Type: Acquisition
• Landlord: Jeff Jaeger & Scott Alter - Standard Communities; Vistria Group
• Broker: Ryan Wagner - JLL

Key individuals involved in the deal include Jeff Jaeger and Scott Alter, who represent Standard Communities alongside Vistria Group in the acquisition of Park Kiely. The financing was arranged by Ryan Wagner from JLL, marking a significant milestone as Standard's largest deal to date, which will involve converting the property to affordable housing with planned upgrades of $19M–$20M.