KKR Buys 636-Unit Lynhaven Apartments in San Jose for $346.5MM
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
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On the RET wire
- The 28th San Francisco story tracked on the wire in September 2026. All San Francisco coverage →
- Disclosed multifamily deal value tracked in September 2026: $3.6B across 29 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
San Jose’s apartment market absorbed its third above-average per-unit sale in recent weeks as KKR paid $346.5 million for the 636-unit Lynhaven, a deal that signals investors are betting rent growth in Silicon Valley’…
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