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CIM Group Divests Arioso Apartments in Cupertino
CIM Group said Tuesday it had sold Arioso, a 201-unit apartment community in Cupertino. Separately, Pacific Urban Investors identified itself as the buyer, making its second Bay Area acquisition this month.
Located at 19608 Pruneridge Ave., Arioso offers one- and two-bedroom configurations set in eight, three-story buildings spread across the property and provides 382 parking spaces. CIM invested in an extensive program of interior and exterior upgrades at Arioso, which was built in 1998.
“Bay Area demand dynamics are strong for multifamily, a theme that is particularly true in Cupertino and should result in durable income for Arioso over its intended hold period,” said John Fluke, managing director of investments at Pacific Urban.
The property is within 15 minutes of some of the area’s most prominent companies including Google, Amazon, Microsoft and Intuit, and a five-minute walk to the Apple campus.
- ◦Sale/Acquisition
