Updated Dec 4, 2024
Hines Global Income Trust Acquires Diridon West Luxury Apartments In San Jose For $117.5M
715 West Julian Street
$117,500,000
Units
249
Asset Type
MultiFamily
Closing
Jan 23, 2024
About this deal
AI
Hines Global Income Trust has purchased the 249-unit luxury apartment complex, Diridon West, in San Jose for $117.5 million. The property, originally developed by the Hanover Company, offers ground-floor retail space and is strategically located near Silicon Valley landmarks, with 95% occupancy.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $117,500,000
- Units: 249
- Price Per Unit: $471,888
- Address: 715 West Julian Street, San Jose
- Market: San Jose
The buyer in the transaction was Alfonso Munk from Hines Global Income Trust, while the seller was Brandt Bowden from the Hanover Company. Alfonso Munk represented Hines Global Income Trust as their broker in this deal.
On the Map
$117,500,000
MultiFamily
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Players
San Jose MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93