Ivanhoé Cambridge acquired The Park Kiely, a major complex comprising 948 rental units in San Jose, California, in the heart of Silicon Valley. Located near the prestigious Stanford University campus, The Park Kiely’s “neighbours” include Apple, Facebook, Google and IBM.
The transaction is valued at US$235 million, for the complex of 31 two- and three-storey buildings located on almost 1.4 million square feet of land. The property includes a small number of studios as well as one- and two-bedroom apartments and offers residents a range of services, including four swimming pools, sports grounds and a play area for children.
“This new transaction represents the second phase of our acquisition strategy. It demonstrates once again, our intention to acquire high-calibre buildings with critical mass, in excellent locations, that are attractive from a financial perspective over the short- and long-term,” stated Sylvain Fortier, president residential, Ivanhoé Cambridge. In-depth study of the region’s economy concludes that significant job creation and the sustainable strength of the economy in the San Jose region create conditions that are conducive to development. As an additional benefit, this property falls within the area served by the Cupertino Union school district, one of the highest-rated in California.