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CUPERTINO, CA-Sobrato Development Cos. has sold a 1,380-unit portfolio of older, two-story Northern California apartment properties for approximately $200 million, local industry sources tell GlobeSt.com. Three of the assets are located in the Silicon Valley, one is in Sacramento and the fifth is located in Santa Cruz. The new owner is an institutional client of Rreef whose identity was not immediately available.

The three Silicon Valley assets--484 units in three circa-1970 properties in San Jose, Cupertino and Sunnyvale—sold for $104.5 million, local sources tell GlobeSt.com. The properties are Verandas at Cupertino (120 units; 88% occupied $37.3 million), Woodbridge in Sunnyvale (148 units; 92% occupied; $30.9 million); and Park at Winchester in San Jose (216 units; 95% occupied; $37.3 million).

The Sacramento property, Tamaron Ranch, a 796-unit property built in 1979, renovated in 1998 and 92% leased, was valued at $62.5 million. The sale price for Ocean Terrace, the 100-unit property in Santa Cruz was not immediately available, but is believed to be in the $20-million to $25-million range.