AIMCO Picks Up San Jose Apartments
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The Denver-based REIT just paid $118.4M, or $365,000 per unit, for the 324-unit Saybrook Pointe Apartment Homes in San Jose. The asset was acquired with a combination of equity and debt and AIMCO plans to add value to the property through upgrades and operational improvements, reports The Registry. The seller of the property was a life insurance company. AIMCO considers Saybrooke Pointe to be a B-quality asset, based on the rental rates compared to other area properties. When AIMCO acquired the complex, it was 97% occupied. [REG]