CUPERTINO — A big apartment complex near the Apple spaceship headquarters in Cupertino and other Silicon Valley tech hubs has been bought in a deal that tops $120 million.
Pacific Urban Investors, acting through an affiliate, paid $123.8 million for Arioso, an apartment property at 19608 Pruneridge Avenue in Cupertino, documents filed on Oct. 22 with the Santa Clara County Recorder’s Office show.
CIM Group sold the 201-unit apartment complex, which is a short distance from the Apple headquarters, other tech job hubs and Kaiser Permanente’s Santa Clara medical center.
Airoso was built in 1998 and offers one- and two-bedroom floor plans that average 1,015 square feet, Pacific Urban Investors stated.
Palo Alto-based Pacific Urban Investors, which is an experienced investor in multifamily residential projects, also bought a big apartment complex in Milpitas recently.
On Oct. 9, Pacific Urban paid $109.3 million for The Harlowe, a 266-unit apartment complex at 1821 South Milpitas Boulevard in Milpitas. That price equated to $410,900 a unit.
Regarding the Cupertino apartment complex, the purchase price was about $615,900 per apartment unit, which would be on the higher side of per-unit values for Bay Area apartment properties in recent years.
The three-story Cupertino apartment property offers one- and two-bedroom floor plans, averaging 1,015 square feet. Arioso was built in 1998.
Arioso’s monthly rental rates range from $3,351 to $10,185, according to Apartments.com.
“CIM Group invested in an extensive program of interior and exterior upgrades at Arioso,” the seller stated. “Among the completed apartment improvements are the installation of quartz countertops, stainless steel appliances, vinyl plank flooring and the addition of full-size washers and dryers.”
The seller also conducted considerable upgrades to the exterior areas of the apartment complex.
“The gym and clubhouse have been fully renovated while the exterior work included refreshing the landscaping and outdoor gathering spots including the pool and deck,” CIM Group stated.