"SAN JOSE In one of the South Bay's biggest apartment deals so far this year, Park Kiley, a 948-unit multifamily property, was sold for $370 million, according to documents filed on Aug. 27 with the Santa Clara County Recorder's Office. Standard Communities, a real estate firm; Housing on Merit, a nonprofit; and Vistria Real Estate, an investment company, teamed up to buy the complex at 355 Kiely Rd. in San Jose, county and state public documents show."
"The Park Kiley apartment complex was built in 1972 and consists primarily of three-story buildings. The units are all affordable, according to documents posted on Aug. 8 by the California Municipal Finance Authority. The apartments consist of 78 studios, 469 one-bedroom units, and 401 two-bedroom units. The apartments are set aside for those whose annual incomes are no more than 80% of the area median income for Santa Clara County."
"At the time of the purchase, the buying alliance obtained a purchase loan of $203.5 million from JLL Real Estate Capital, according to the county property records. The JLL unit immediately transferred the loan to the Federal Home Loan Mortgage Corp., or Freddie Mac. The new ownership group also obtained a property tax welfare exemption, a California Municipal Finance Authority staff report stated. This provision enables the ne"
Park Kiley, a 948-unit multifamily property at 355 Kiely Rd. in San Jose, sold for $370 million to an ownership alliance of Standard Communities, Housing on Merit and Vistria Real Estate. The complex, built in 1972 with primarily three-story buildings, contains 78 studios, 469 one-bedroom and 401 two-bedroom units restricted to households earning no more than 80% of Santa Clara County's area median income. Based on 2025 AMI figures, income limits approximate $156,160 for a four-person household and $109,320 for one person. The buyers obtained a $203.5 million loan from JLL Real Estate Capital, immediately transferred to Freddie Mac, and secured a property tax welfare exemption.
Read at www.mercurynews.com
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