JLL Capital Markets closed on the sales of three value-add, garden-style multifamily assets in Silicon Valley, including the 72-unit Appletree in Campbell and the 68-unit Vista Pointe and 50-unit Cedartree in Santa Clara, for a total of approximately $70 million. JLL worked on behalf of the private seller and procured three unique buyers.

The three assets, which offer value-add potential, are within a seven-mile radius of one another 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 have access to the continually expanding public transit system of the Bay Area.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by senior managing directors Ryan Wagner, Brandon Geraldo and Matt Kroger.

“Amidst market fluctuations and choppy debt markets, our extensive process proved that well-priced and high-quality multi-housing assets still have a large investor audience with ample liquidity,” said Wagner. “Institutional core funds are still waiting for more data points to emerge to become more active, while middle-market and private-equity investors have been the most active players in the last six to nine months.”