San Jose, Calif. (November 21, 2014) – REMI Co., a Bay Area multifamily real estate investment group, sold the Kerley Drive Apartment complex in San Jose, California for $4,600,000. The community was purchased by Kerley SKAND, LLC, a private investor. Kidder Mathews multifamily broker, Matthew Clark, represented the buyer.
The apartment complex, located at 1445-1455 Kerley Drive, is near the North First Street light rail station, and has convenient access to downtown San Jose. Built in 1959, this 20-unit community has undergone a complete exterior renovation and 17 of the units have fully renovated interiors.
The overall San Jose apartment market continues to remain strong and the entire city has seen year-over-year rent growth of 12.4%. Growth in the North San Jose development pipeline has been strong over the past few years with 837 units delivered in 2013 and 1,987 delivered thus far in 2014.
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Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 450 real estate professionals and staff in 9 offices in Washington, Oregon, and California. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $2.9 billion in transactions, manages 30 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.