JLL Closes Sale of Value-Add Multifamily Portfolio in Silicon Valley
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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).