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SAN JOSE, CA-Almaden Lake Village, a 250-unit garden-style apartment complex with a 20% affordable component on the light rail line here has changed hands for $47.3 million or $189,080 per unit, according to Arroyo & Coates, the brokerage firm that listed the property. New Cities Development, which built the well-leased property in 1998, sold the asset to UDR Inc., and apartment REIT. UDR’s purchase price represents a capitalization rate of approximately 5.3% based on current numbers.

Located at 1045 Coleman Rd., Almaden Lake Village sits adjacent to a VTA light rail line station. The lead broker in the deal A&C principal Mark Leary, tells GlobeSt.com the 5.78-acre parcel upon which the apartments sit is leased long term from the Santa Clara County Transit District. The property is also encumbered by tax-exempt bond financing issued by the City of San Jose, the requirement for which is that 20% of the units be leased to residents that earn 50% or less than the county’s median household income, says Leary, who was assisted in the transaction by fellow A&C principal Curtis Gardner and John Downing.

The unit mix includes one,-, two- and three-bedroom units averaging 906 sf. All units at the property feature 9′ or 10′ ceilings, a full size or stackable washer & dryer, central heat and air conditioning, ceramic tile countertops, and a private patio or balcony. Community amenities include a clubhouse, resort-style swimming pool, Jacuzzi, fitness center, resident business center, and two gated subterranean parking garages. Occupancy is 95%; the average lease rate is $1.78 per sf per month.

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