A Greystar affiliate has sold the Park Kiely apartment complex in San Jose for $370 million. The buyers are Standard Communities, Housing on Merit, and Vistria Real Estate. The property, located at 355 Kiely Boulevard, includes 948 units and is one of the largest affordable housing complexes in Santa Clara County.
According to the San Jose Mercury News, this transaction marks the largest apartment complex purchase in Santa Clara County so far in 2025. Previously, Rockpoint Group set the record with its $207.2 million acquisition of The Villages at Cupertino earlier this year.
The new ownership group acquired a $203.5 million loan from JLL Real Estate Capital to finance the purchase. This loan was later transferred to Freddie Mac.
Built in 1972, Park Kiely consists mainly of three-story buildings. All units are designated as affordable housing for individuals or families earning up to 80 percent of Santa Clara County’s area median income—$109,320 for a single person or $156,160 for a family of four.
The new owners also obtained a property tax welfare exemption that allows them to avoid some or all property taxes typically required on California real estate. According to the Mercury News, “The money saved from the property tax exemption will go toward ‘substantial rehabilitation’ of the Park Kiely complex.” The stated goal is to keep Park Kiely affordable over the long term.
Other recent transactions have taken place in San Jose’s affordable housing market as well. In June, Post Glen Group and Affordable Housing Access purchased Orchard Glen apartments—a 288-unit mixed-income property built in 1978—for $61.1 million.
