Vistria Real Estate And Housing On Merit Acquire 948 Unit Multifamily Community In San Jose For $370M

The property involved in this transaction is a multifamily asset located at 355 Kiely Boulevard in San Jose. This 32-acre community includes 948 units and has a sale price of $370,000,000, resulting in a per unit price of $390,295.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $370,000,000
• Units: 948
• Price Per Unit: $390,295
• Lender: Freddie Mac
• Buyer: Vistria Real Estate
• Buyer’s Representatives: Jeff Jaeger & Scott Alter - Standard Communities; Jaymie Beckett - Housing on Merit
• Seller: Bob Faith - Greystar
• Loan Amount: $203.5M

This transaction involved notable stakeholders including Standard Communities, Housing on Merit, and Vistria Real Estate, who collectively acquired Park Kiely, a 948-unit community, with plans for renovations and a commitment to maintaining affordability for the next 30 years. This deal is regarded as one of the largest multifamily transactions of 2024.