JLL Capital Markets announced that it has arranged the sale and $44.235 million financing of Citra, a 147-unit value add apartment community located in Sunnyvale, California.
JLL represented the seller, the buyer was Prime Residential. JLL also secured the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
Citra, located at 745 S Bernardo Avenue, offers residents convenient access to leading tech employers and the highly acclaimed Sunnyvale School District. Positioned in the heart of Silicon Valley, the garden-style community provides easy connectivity to Downtown Sunnyvale and Downtown Mountain View while being in close proximity to major employers.
Built in 1968 and renovated in 2019, the low-density community features thoughtfully designed one and two-bedroom homes averaging 852 square feet. The property includes 133 fully renovated units with desirable finishes such as vinyl plank flooring, quartz countertops and upgraded bathroom vanities. All units contain in-unit washers and dryers.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Ryan Wagner, Brandon Geraldo and Matt Kroger, along with Director Fatai Alashe. JLL’s Debt Advisory team was spearheaded by Executive Managing Director Charles Halladay, Director Jonah Aelyon, Vice President Sarah Murphy and Associate Joseph Choi.
“This transaction demonstrates continued investor confidence in Silicon Valley’s multifamily market,” said Wagner. “Citra’s prime location, extensive renovations and resort-style amenities attracted significant interest, resulting in multiple competitive offers despite some complex deferred maintenance challenges.”
The property attracted strong market interest with JLL conducting 19 tours and receiving 10 initial offers before narrowing to five finalists for the second round.
Silicon Valley remains one of the most robust technology markets in the world, with a highly educated workforce and strong employment base. Sunnyvale boasts an average household income of $237,821 with 71% of residents holding a bachelor’s degree or higher.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
