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Invesco Buys 728 Units From Lyon Capital

SAN FRANCISCO-Invesco Real Estate pays approximately $185 million for the Kimberly Woods complex in San Jose and the Stoneridge complex in Pleasanton from Lyon Capital Management.

By Brian K. Miller | Updated on January 03, 2007

(To read more on the multifamily market, click here.)

SAN FRANCISCO-Lyon Capital Management has sold 728 apartment units in the region to a fund of Invesco Real Estate for approximately $185 million, local sources tell GlobeSt.com. The deal included the 520-unit Stoneridge apartments adjacent to the Stoneridge mall in Pleasanton and the 208-unit Kimberly Woods property on Willowleaf Drive in San Jose.

Both properties were built by Lyon in the late 1980s and are well leased. The purchase price equates to a capitalization rate in the low 4% range based on in-place net income. Invesco Real Estate plans to raise the cap rate by renovating the properties and pushing rents, according to local sources.

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