271 Units
Constructed: 2015
Investment Date: April 2019

Investment Strategy Highlights

Acquire a contemporary, attractive asset located in San Jose’s “Golden Triangle” with an extremely dense concentration of high-tech, high-wage employment below replacement cost on an off-market basis.

Perform selective CapEx improvements to unit interiors, common areas, and amenities.

Key Metrics at Acquisition

Purchase Price $132,900,000
Price per Unit: $490,406
Price per Foot: $605
In-place Average Rent (PPU / PPSF) $2,760 / $3.39
Market Average Rent (PPU / PPSF) $2,819 / $3.47
Hold Period 8 Years
Leverage 54%
Levered IRR 10.73%