Prime Residential Scoops up Low Density, High Performing Sunnyvale Apartment Community

Citra, a 147-unit value-add garden-style apartment community located in Sunnyvale, California, has been sold for $44.235 million to Prime Residential.

The deal was secured by JLL Capital Markets, which represented the unnamed seller. The loan will be serviced by the broker's real estate capital division, which is also a Freddie Mac Optigo Lender.

Citra offers residents convenient access to leading tech employers and the highly acclaimed Sunnyvale School District from its location at 745 S Bernardo Ave in central Silicon Valley.

It is near major employers and has easy connectivity to Downtown Sunnyvale and Downtown Mountain.

The property, built in 1968 and renovated in 2019, features one- and two-bedroom homes averaging 852 square feet, complete with washers and dryers.

The property includes 133 fully renovated units with desirable finishes such as vinyl plank flooring, quartz countertops and upgraded bathroom vanities.

“Citra received tremendous interest from investors and has consistently been a high-performing asset due to the low-density design, highly renovated common areas, and a central pool terrace that is nearly an acre in size,” Ryan Wagner, senior managing director of JLL Capital Markets, told GlobeSt.com.

“Well-located Silicon Valley assets like Citra continue to be in high demand as the Bay Area continues its post-COVID tech-fueled rebound.”

Nineteen property tours were conducted, and 10 initial offers were made on the property.

Amenities include a half-acre landscaped pool terrace, a spa, a fitness center with spin room, an outdoor barbecue and picnic areas, a business center, a community room, an outdoor play structure, a children's playroom and a media room.

Wagner was joined by Senior Vice President colleagues Brandon Geraldo and Matt Kroger, along with Director Fatai Alashe. Plus, Executive Managing Director Charles Halladay, Director Jonah Aelyon, Vice President Sarah Murphy and Associate Joseph Choi spearheaded JLL’s Debt Advisory team.