A recent announcement from Ivanhoe Cambridge revealed the Canadian real estate company completed a transaction for San Jose rental complex The Park Kiely for $235 million.
The complex includes 948 rental units and is located near Stanford University, the company noted. In addition, it is located close to tech giants IBM, Google, Apple and Facebook. In total, the property includes 31 buildings of both two and three stories. The property sits on approximately 1.4 million square feet, and is equipped with a number of studio apartments as well. Amenities include a playground, four swimming pools and a sports and recreation area directly located on the property.
"This new transaction represents the second phase of our acquisition strategy," said Sylvain Fortier, president residential, Ivanhoe Cambridge. "It demonstrates once again, our intention to acquire high-calibre buildings with critical mass, in excellent locations, that are attractive from a financial perspective over the short- and long-term."
Ivanhoe Cambridge is based in Montreal, Quebec, and is one of the largest real estate companies in the world with assets worth more than $CAD30 billion (USD $29.2 billion).