SAN JOSE, CA Atlanta-headquartered ARA, the largest privately held, full-service multi-family investment advisory brokerage firm in the nation, focusing exclusively on the multihousing industry, announces the sale of Kimberly Woods in San Jose, CA. The property – a 208-unit gated community located just minutes from eBay and the shops of Santana Row, was sold on behalf of Invesco, an Atlanta-based global investment management firm. The sale presented an excellent value-add acquisition to the new buyer, given its highly sought-after location and proven renovation upside. The sale price exceeded $280,000 per unit.
The ARA Northern California’s team, San Francisco-based Principals, Mark Leary, Curtis Gardner, and John McCulloch served as the exclusive advisors on this transaction. According to ARA’s Mark Leary, “The demand from newly hired tech workers and the lack of supply pushed the market rents at Kimberly Woods over 20% in the past 12 months, and even today, the rents are still climbing. The buyer will have the benefit of capturing these new market rents, which will deliver a solid return to their portfolio.”
Completed in 1986, Kimberly Woods features two swimming pools and spas, controlled access gates, enclosed garages and a convenient location at the heart of Silicon Valley employers. The community boasts large floor plans with over 1,000 SF of average living space, with 70% of the mix featuring two bedrooms with two baths. To date, sixty-four percent (106 of the 166) of the market-rate units have been renovated with upgrades to the kitchens and baths as well as new appliances, light fixtures and hardware throughout.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Mark Leary, at mleary@ARAusa.com or 415.273.2152.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com