SUNNYVALE, CA—Arroyo & Company acted as adviser to a joint venture of Sack Properties and BRIDGE Urban Infill Land Development (BUILD) in the disposition of Citra Silicon Valley, a 147-unit garden-style multifamily community located in Sunnyvale.
The property was acquired by a Pacific Urban Residential-sponsored joint venture for an undisclosed sum. Originally constructed in 1968, Citra Silicon Valley comprises 147 units in four buildings surrounding central courtyards. The property features unusually extensive and forward-looking common area amenity spaces, including an expansive pool deck, a large pool-adjacent clubhouse, a library and media room, and a resident fitness center featuring full locker rooms and private saunas.
Citra is located in central Silicon Valley on the Sunnyvale / Mountain View border at the northwest corner of South Bernardo Avenue and Brookfield Avenue in Sunnyvale, near the intersection of major Silicon Valley arteries El Camino Real, CA-85, and CA-237, and in Sunnyvale’s only zip code (94087) to register a median home price above one million dollars.
The property’s central location offers residents convenient surface road and freeway access to major employers including Apple, AMD, Google, Yahoo, Microsoft, LinkedIn, Symantec, Lockheed-Martin Space Systems, and the NASA-Ames Research Center at Moffett Federal Air Field.
Ian Couwenberg, vice president of acquisition and dispositions for Sack Properties, commented on the transaction by saying, “Despite being purchased in April of 2008, Citra turned out to be great acquisition for Sack Properties and their partners.” Couwenberg further added that “Sack Properties’ in-depth knowledge of the local California markets and effective execution of their business plan helped make Citra a success.”
The seller was represented in the transaction by Arroyo & Company brokers Nathan Blair (who has since joined the San Francisco office of HFF) and David Silver. The buyer acted on its own behalf with Eric Price, Pacific’s Vice President of Investments, leading the transaction.
Pacific Urban Residential remains among the most active private multifamily investors in the West and has acquired nearly $3.3 billion of West Coast investments since its founding in 1998. Sack Properties is a highly entrepreneurial organization with decades–long track record of successful acquisition, management, and disposition of a broad range of California multifamily properties.
BRIDGE Housing Corporation, the nation’s top nonprofit developer of affordable housing, creates, owns and manages a range of high-quality, affordable homes for working families and seniors. BUILD resulted from an innovative partnership between BRIDGE and the California State Public Employees Retirement System. The BUILD fund of $175 million in equity capital was used to acquire underutilized properties in existing urban communities and add value through new entitlement processing and redevelopment.