San Francisco, CA, April 2014 – Arroyo & Company announced today that it acted as advisor to a joint venture of Sack Properties and BRIDGE Urban Infill Land Development (BUILD – an entity affiliated with BRIDGE Housing Corporation based of San Francisco) in the disposition of Citra Silicon Valley, a 147-unit garden-style multifamily community located in Sunnyvale, California. 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. Interior amenities include central heating and air conditioning, stacked washer-dryers, floor to near-ceiling glass along living and bedroom areas, and full unit-width balconies or patios in all units, with vaulted ceilings and sunken living rooms available in some units.
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. Each of the property’s assigned public schools rates among the strongest in Silicon Valley, each having been recognized as both a California Distinguished School and National Blue Ribbon School award winner.
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”. Mr. 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. In the past two years, Pacific Urban Residential and its strategic partners have acquired or sold approximately $715 million in West Coast apartment communities. Today, Pacific Urban Residential’s West Coast multifamily portfolio totals over 6,150 apartment homes collectively valued at approximately $1.77 billion. In addition to the acquisition of Citra, Pacific recently closed four other transactions, totaling $210,000,000. Currently, Pacific Urban Residential has over $500M of discretionary, investible equity available for compelling west coast opportunities.
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. Sack recently raised its first fund and formed its first programmatic joint venture with a focus on acquiring well located apartments in supply constrained California submarkets and adding value through physical, management and marketing improvements. The management team’s detail-oriented and hands-on approach to due diligence, renovations and property management results in higher returns for investors and attractive rental home values for residents.
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. Since it was founded in 1983, BRIDGE has participated in the development of over 14,000 homes serving more than 37,000 people. 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.