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6/21/23
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Three value-add, garden-style multi-housing assets in Silicon Valley were traded to separate buyers in deals totaling roughly $70 mil. The properties were sold by a single investor and consisted of the 72-unit Appletree in Campbell, along with the 68-unit Vista Pointe and 50-unit Cedartree in Santa Clara.
The portfolio contains a desirable unit mix with 37% one-bedroom units that average 731 sf and 63% two-bedroom units that average 1k sf. Each of the three assets present the opportunity for value-add renovations, with increased rent potential.
The three assets are within a seven-mile radius of each other and are situated near US 101, I-880 and I-280, providing immediate access to the entire Bay Area. Residents of the portfolio will also enjoy access to the continually expanding public transit system of the Bay Area, including Cal-train, the most accessible form of public transportation.
Ryan Wagner, Brandon Geraldo and Matt Kroger with JLL Capital Markets represented the seller in the deal.
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