Pacific Urban Investors, a multifamily owner-operator and investment manager, has completed the acquisition of Arioso, a multifamily community consisting of 201 apartment homes located in Cupertino, across Wolfe Road from Apple Park. As a continuation of Pacific’s strong conviction in the Bay Area with 30 multifamily assets and 5,571 units in the region currently, Cupertino has long been a primary target for continued growth within the Bay Area.
“Arioso is a vintage community that has been fully renovated by prior ownership in a ‘core’ location with excellent schools and unaffordable for-sale housing options, consistent with Pacific’s strategy. In addition to high-end finishes and a comprehensive amenity set, Arioso benefits from immediate proximity to Apple Park” said Vas Giahos, Vice President of Investments at Pacific Urban Investors. “With only three multifamily transactions within Cupertino over the last 10 years, Arioso presented the rare opportunity to acquire an institutional multifamily asset in the city, and Pacific is excited to complete the acquisition and continue to expand our holdings in Silicon Valley.”
Arioso is an IREM Certified Sustainable, three-story podium property built in 1998. Unit interiors include modern specifications, along with upgrades to the leasing office, fitness center, business center and pool/spa deck. The property features large, well-appointed floor plans that average 1,015 square feet and offer a balanced mix of 1-bedroom and 2-bedroom floor plans. Arioso is located in the city of Cupertino and is a 5-minute walk across Wolfe Road from Apple Park, headquarters of the largest company in the world by market capitalization. In addition to the significant technology employment base, the neighborhood is further bolstered by highly-regarded schools and ample lifestyle amenities.
“Arioso’s high-quality physical plant and coveted location fit squarely within Pacific’s vintage core strategy and improve the overall quality of the portfolio. Bay Area demand dynamics are strong for multifamily, with the cost of alternative housing so prohibitively expensive, a theme that is particularly true in Cupertino and should result in durable income for Arioso over its intended hold period,” said John Fluke, Managing Director of Investments at Pacific Urban Investors. “While our conviction in the Bay Area is high, Pacific is actively seeking to grow our portfolio’s geographic diversification across all strategies (Value Add, Core Plus, Core) in our target markets throughout the U.S.”
