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Invesco Sells Multifamily For $58M In Value-Add Play

SAN JOSE, CA-Kimberly Woods, a 208-unit gated community, was sold for more than $280,000 per unit and is in a highly sought-after Silicon Valley location.

By Carrie Rossenfeld | Updated on September 14, 2012

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.”

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