Decron Properties Buys San Jose Apartments

The partially affordable property last changed hands in 2012, when Greystar purchased the 208-unit community from Invesco for nearly $60 million.
Willow Creek Apartments

Greystar has sold Willow Creek Apartments, a 208-unit partially affordable multifamily asset in San Jose, Calif., for $84.6 million, according to Yardi Matrix. The seller had purchased the property from Invesco Real Estate in August 2012 for $58.7 million. The buyer, Decron Properties, continues to expand its holdings in the wider Bay Area, following the acquisition of a 220-unit community for nearly $90 million in February.

Located at 935 Willowleaf Drive in the Central San Jose West submarket, the garden-style community’s 30 buildings are a short distance from Interstate 280, 4 miles from the city center. A light rail system operates just east of the asset, with San Jose City College and Santa Clara Valley Medical Center located within a 15-minute walk.

Willow Creek contains one- and two-bedroom apartments, with floorplans ranging from 792 to 1,230 square feet. The community includes 42 affordable units. Amenities include two swimming pools, a fitness center, a business center, a tennis court and a playground. The asset was 92.8 percent occupied as of November, per Yardi Matrix data.

Image courtesy of Yardi Matrix