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8/04/25
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Prime Residential has acquired Citra, a 147-unit value-add apartment community located in Sunnyvale, in a deal said to be worth around $68 mil ($462.5k/unit). The purchased was financed with a new loan for $44.2 mil.
Built in 1968 and renovated in 2019, the property is located at 745 S Bernardo Ave, on the southwest side of El Camino Real, offering 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.
The low-density community features thoughtfully designed one and two-bedroom homes averaging 852 sf in size. 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.
Residents enjoy an extensive amenity package including an expansive half-acre landscaped pool terrace, spa, state-of-the-art fitness center with spin room, outdoor barbecue and picnic areas, business center, community room, children's playroom, media room and outdoor play structure.
Ryan Wagner, Brandon Geraldo, Matt Kroger and Fatai Alashe with JLL represented the seller in the transaction. Charles Halladay, Jonah Aelyon, Sarah Murphy and Joseph Choi, also with JLL, arranged the loan, which will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender.
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.
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