On Tuesday, CIM Group announced the sale of Arioso, a 201-unit apartment complex located in Cupertino. The buyer was identified as Pacific Urban Investors, who have made their second acquisition in the Bay Area this month.
Arioso is situated at 19608 Pruneridge Ave and offers one- and two-bedroom units spread across eight three-story buildings. The property also boasts 382 parking spaces. CIM has invested in significant upgrades for both the interior and exterior of Arioso since its construction in 1998.
According to John Fluke, managing director of investments at Pacific Urban, there is strong demand for multifamily properties in the Bay Area – especially in Cupertino – which should result in steady income during their intended hold period.
The location of Arioso is highly desirable as it is within a short drive from major companies such as Google, Amazon, Microsoft and Intuit. It’s also just a five-minute walk from Apple’s campus.
