CIM Group Sells San Jose Community for $124M
During its ownership, the company completed indoor and outdoor upgrades.
CIM Group has sold Arioso Apartments, a 201-unit community in Cupertino, Calif. Pacific Urban Investors acquired it for $123.8 million, as reported by The Registry. The asset previously changed hands in 2005 for $57.5 million, Yardi Matrix shows.
Built in 1998, Arioso Apartments consists of eight three-story buildings with one- and two-bedroom layouts, ranging from 546 to 1,237 square feet. Amenities include a swimming pool with deck, clubhouse, business center, basketball court, fitness center and grade-level parking with some 380 spots.
During its ownership, CIM has completed several indoor and outdoor upgrades at the property. Improvements included a full renovation of the gym and clubhouse and restoring the pool and deck areas. In addition, all units received stainless steel appliances, as well as full-size washers and dryers.
The community is at 19608 Pruneridge Ave., adjacent to Interstate 280 and across the street from the Apple campus. Both downtown San Jose, Calif., and San Jose Mineta International Airport are less than 10 miles away. There are several eateries and retail options within walking distance.
Founded in 1998, Pacific Urban is a multifamily owner and operator with more than $8.7 billion in assets under management as of April. The firm recently added two communities totaling 832 units to its national portfolio.