Prime Residential Pays $69M for Silicon Valley Asset
JLL Capital Markets arranged the sale and financing.
Prime Residential has purchased Citra, a 147-unit value-add multifamily community in Sunnyvale, Calif. The purchase price was $68.5 million, according to SiliconValley.com.
Citra was previously owned by Pacific Urban Investors, which purchased it for about $50 million in 2014, according to Yardi Matrix, which reported the community’s occupancy at 92.5% as of June.
JLL Capital Markets represented the seller and arranged a $44.2 million Freddie Mac loan.
READ ALSO: 5 Reasons Multifamily Is an Anchor in Turbulent Times
The asset was built in 1968 and renovated in 2019. Of the property’s one- and two-bedroom units, 133 are fully renovated. Amenities include fitness and business centers, in-unit washers and dryers, a pool and spa, community and media rooms, children’s play areas, and outdoor barbecue and picnic areas.
Citra’s location at 745 S Bernardo Ave. places it less than 5 miles from Google’s Mountain View headquarters and about 6 miles from Apple Park in Cupertino.
San Jose’s growing supply
About $1 billion in San Jose-area multifamily assets changed owners last year, according to a Yardi Matrix report which places the average price per unit at $434,956. Citra traded for slightly above that average, coming in at about $466,986 per unit.
Another multifamily community that changed hands in recent months was Levare, a 108-unit asset that Hines purchased in May from Federal Realty Investment Trust for about $74 million. That property fetched a higher-than-average $684,259 per unit.
Silicon Valley continues to see new multifamily developments, with 280 units under construction and 7,638 in the planning or permitting stages, according to Yardi Matrix.
