San Jose Affordable Housing Complex Sells for $370 Million

A Greystar affiliate sold a San Jose affordable apartment complex in one of the South Bay’s biggest multifamily transactions so far this year.

Park Kiely, a 948-unit property at 355 Kiely Boulevard, sold to real estate firm Standard Communities, nonprofit Housing on Merit and investment company Vistria Real Estate for $370 million, the San Jose Mercury News reported. The group bought the property as Standard Vistria Park Kiely Owner LP, according to the Silicon Valley Business Journal.

The deal looks to be the largest apartment complex purchase in Santa Clara County so far in 2025, according to the Mercury News. The previous record in the county was set in April when Rockpoint Group bought The Villages at Cupertino for $207.2 million.

The buying group obtained a purchase loan of $203.5 million from JLL Real Estate Capital to acquire the property. JLL transferred the loan to the Federal Home Loan Mortgage Corporation, better known as Freddie Mac.

The Park Kiely campus was built in 1972 and consists largely of three-story buildings. All units on the property are affordable and set aside for those whose annual incomes don’t exceed 80 percent of the area median income for Santa Clara County. For one person, that would mean a maximum of $109,320, or $156,160 for a family of four.

Standard Vistria Park Kiely Owner also secured a property tax welfare exemption, enabling the new owners to avoid paying some or all of the property taxes that would normally be levied on real estate in California. The money saved from the property tax exemption will go toward “substantial rehabilitation” of the Park Kiely complex, according to the Mercury News. The goal is to keep Park Kiely affordable for decades to come.

It’s not the only affordable apartment complex in San Jose to trade hands this summer.

In June, Post Glen Group and Affordable Housing Access bought the Orchard Glen apartments in south San Jose for $61.1 million. That 1978-built property, located at 3975 Seven Trees Boulevard, Orchard Glen, consists of 288 mixed-income units across nearly a dozen two-story buildings.

— Chris Malone Méndez