Hines REIT Acquires San Jose Multifamily, Will Rebrand
Hines Global Income Trust, Inc. (HGIT) has acquired Hanover Diridon, a Class-A multifamily asset located in San Jose. The seller and pricing were not disclosed, although published reports put the sale price at $117 million. Willowick Residential, Hines’ multifamily property management firm, which manages three other assets in the Bay Area, will assume the role of property manager.
“Diridon West’s strategic location, trophy profile, and proximity to premier Silicon Valley employers and live-work-play amenities make it an attractive investment,” said Alfonso Munk, Hines’ CIO of the Americas and president of HGIT. “While development costs remain elevated in the Bay Area resulting in a slowdown of new multifamily product, fundamentals continue to improve, therefore ideally positioning this asset to capitalize on the strength of the market.”
Located at 715 W Julian St., Hanover Diridon, which will be rebranded as Diridon West, is a 7-story, 249-unit Class A multifamily development completed in 2021 and is currently 95% leased. The property is located in a mixed-use micro market that is within walking distance to Whole Foods, the CalTrain Diridon Transit Station and other key locations.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).