SAN JOSE, CA-Atlanta-based investment-management firm Invesco has sold Kimberly Woods, a 208-unit gated multifamily community in the Silicon Valley, for approximately $58 million or greater than $280,000 per unit. The buyer’s identity has not been disclosed to GlobeSt.com, but the sale does present a value-add acquisition to the buyer given its highly sought-after location and proven renovation upside.

ARA’s Northern California team, which includes San Francisco-based principals Mark Leary, Curtis Gardner and John McCulloch, served as the exclusive advisors on this transaction on behalf of Invesco. “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,” said Leary in a prepared statement. “The buyer will have the benefit of capturing these new market rents, which will deliver a solid return to their portfolio.”

Kimberly Woods, located at the heart of Silicon Valley employers including eBay, was completed in 1986 and features two swimming pools and spas, controlled-access gates and enclosed garages. It boasts large floor plans with more than 1,000 square feet of average living space, with 70% of the mix featuring two bedrooms with two baths. To date, 64% 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.