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Archstone Sells Monterey Grove to AIM for $56M

SAN JOSE, CA-The perennially well-leased 224-unit apartment community in South San Jose was built in 1999.

By Brian K. Miller | Updated on July 06, 2008

SAN JOSE, CA-Archstone has sold Monterey Grove, a 224-unit property here that was built in 1999 and is upwards of 95% leased. The sale price was $56 million, $250 per unit and $271 per sf, which translates to a cap rate of just under 5% based on actual performance thus far in 2008.

The new owner is Apartment Investment Management Co., which completed an IRS 1031 Exchange in acquiring the asset. The brokers were Curtis Gardner, a partner in brokerage firm Arroyo and Coates, and fellow A&C broker John McCulloch.

The sale price is comparable another recent sale in the submarket, Avalon at Fox Chase, a two-story, 396-unit development that was built in 1988 and is 95% leased. Klingbeil Capital Management acquired the property from Avalon Bay Communities for $270 per sf.

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