Hines Global Income Trust, Inc. (HGIT) has recently completed the acquisition of Hanover Diridon, a premier Class-A multifamily property situated in San Jose. The seller and purchase price have not been disclosed. Willowick Residential, Hines’ renowned multifamily property management firm with three other assets in the Bay Area under its management, will take over as the new property manager.
According to Alfonso Munk, Hines’ Chief Investment Officer for Americas and President of HGIT,”Diridon West’s prime location, prestigious profile and close proximity to leading Silicon Valley employers and live-work-play amenities make it an attractive investment opportunity.” He further added that despite high development costs in the Bay Area causing a slowdown in new multifamily projects,the market fundamentals continue to improve,making this asset ideally positioned for success.
Situated at 715 W Julian St., Hanover Diridon – now rebranded as Diridon West – is a seven-story Class A multifamily complex comprising 249 units that were completed just last year.It currently boasts an impressive occupancy rate of 95%.The micro-market where it is located offers mixed-use facilities within walking distance including Whole Foods supermarket,the CalTrain Diridon Transit Station,and other key destinations.
This recent acquisition by Hines REIT marks another significant addition to their portfolio without mentioning any specific regions or brands associated with them.The company continues its expansion strategy by targeting promising properties like Hanover Diridon which aligns perfectly with their vision for growth.
