News release

190-unit value-add multi-housing portfolio trades in Silicon Valley

JLL Capital Markets arranged the sale of the of the 72-unit Appletree Square in Campbell, the 68-unit Vista Pointe and the 50-unit Cedartree in Santa Clara

June 20, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

SAN FRANCISCO, Jun. 20, 2023 – JLL Capital Markets announced today that it closed on the sales of three value-add, garden-style multi-housing assets in Silicon Valley, including the 72-unit Appletree in Campbell, California, the 68-unit Vista Pointe and 50-unit Cedartree in Santa Clara, California, for a total of approximately $70 million.

JLL worked on behalf of the private seller and procured three unique buyers for the portfolio.

The portfolio contains a desirable unit mix with 37% one-bedroom units that average 731 square feet and 63% two-bedroom units that average 1,004 square feet. 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.

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,” according to Ryan 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.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit