The $410 Million Affordable Housing Transaction Closed in Under 35 Days
San Jose, CA and New York, NY—September 4, 2025 — Standard Communities (Standard), a leading national affordable housing investor and developer, and The Vistria Group (Vistria), a private investment firm that seeks to deliver both strong financial returns and meaningful impact, have acquired Park Kiely, a 948-unit apartment community in San Jose, California. This marks the largest market-to-affordable conversion ever executed in the state of California.
Standard and Vistria completed the acquisition in just 34 days, ensuring the property will be preserved as affordable housing for years to come. While market-rate investors had targeted the community with plans for rent increases, Park Kiely will remain a stable housing option for residents in the heart of Silicon Valley. The total capitalization of the transaction is approximately $410 million.
“Park Kiely represents the largest single-asset transaction in Standard’s history. It tackles one of California’s greatest challenges, housing affordability, by creating hundreds of new affordable homes for families,” said Jeffrey Jaeger, Co-Founder and Principal at Standard Communities. “We are big believers that this type of housing is urgently needed in San Jose, especially given the AI arms race and the deep affordability crisis across the Peninsula market. Park Kiely is a unique generational asset in San Jose, and preserving its affordability ensures long-term stability for residents. This is not our first investment in the Bay Area. Our work at Lakeside Village in San Leandro, an 840-unit tax credit community, underscores our long-term commitment to preserving and expanding affordability in one of the nation’s most competitive housing markets.”
“We are proud to own this exceptional 948-unit community in San Jose and convert it into high-quality, mixed-income housing that will offer families long-term stability and opportunity in one of the least accessible housing markets in the country,” said Yusef Freeman, Partner at Vistria Real Estate. “We set the record in San Mateo for the largest market-to-affordable conversion in the state of California last year, and we are thrilled to work with such strong partners in Park Kiely to add even more affordable units here in San Jose.”
Standard and Vistria will invest over $19 million in building improvements and renovations to address deferred maintenance and upgrade common area amenities. The partnership will also invest in sustainability upgrades, including water saving measures, for example, which are projected to save millions of gallons of water annually through the installation of energy-efficient toilets, sink aerators, and showerheads.
Situated on 32 acres and originally built in 1971, Park Kiely features a unique site plan that fosters a dynamic and cohesive community. Amenities include a fitness center, two swimming pools and a spa, splash pad, gas grills, dog park, basketball and volleyball courts, a playground, clubhouse, business center, media room, game room, and expansive green spaces.
Standard and Vistria will restrict up to 948 units to households earning up to 80% of area median income (AMI) and make significant capital investments in the property. Standard and Vistria completed the transaction in partnership with non-profit Housing on Merit.
In addition to physical upgrades, Standard and Vistria will expand community support by partnering with a non-profit to provide resident services. Programming will focus on in-demand opportunities based on feedback from the resident base, with the potential to include financial mobility, health and wellness, and community engagement.
“This acquisition demonstrates the power of strong partnerships to deliver meaningful impact,” said Christopher Cruz, Senior Managing Director of Essential Housing, Standard Communities. “Working alongside The Vistria Group and Housing on Merit, we are creating affordability while investing in the homes and shared spaces that strengthen the sense of community that makes Park Kiely such a unique and vibrant place to live.”
About Standard Communities
Based in New York and Los Angeles, Standard Communities is one of America’s leading affordable housing owners/developers. With a growing portfolio spanning nearly 30,000 apartment units across 200 communities, Standard serves more than 75,000 residents and has $6 billion in assets under management across 22 states and Washington, D.C. With expertise in development, acquisitions, renovations and construction, Standard Communities strives to cultivate long-term, innovative public-private partnerships to produce and preserve high-quality affordable housing, with a focus on uplifting communities and improving quality of life.
About The Vistria Group
The Vistria Group is building a new kind of private investment firm that seeks to deliver both financial returns and impact. It invests in essential industries like housing, healthcare, knowledge & learning solutions and financial services that deliver value for investors as well as communities, employees and consumers. With $17 billion in AUM, The Vistria Group looks deeper by working as a true partner, drawing on its deep sector knowledge, operational expertise, unique network, diverse team and impact orientation to achieve transformational growth. For more information, please visit vistria.com.
###
