San Jose apartment complex bought for well over $300 million

"SAN JOSE A deal involving an apartment complex in South San Jose that was bought for well over $300 million hints at a strengthening market for South Bay residential properties despite some difficulties in the region. Ascent, a 650-unit apartment complex at 5805 Charlotte Dr., was bought for $322.8 million by a group that includes California nonprofit Pacific Housing, according to documents filed on Dec. 22 with the Santa Clara County Recorder's Office. The buying group obtained a $177.5 million loan from Walker & Dunlop, a company that specializes in financing commercial real estate properties."

"Ascent was bought at a price of about $496,500 per unit. That is slightly above the price of $427,400 a unit for the ViO apartment complex, which is across the street. Both Ascent and ViO were built in 2016 and both are adjacent to Village Oaks Shopping Center, which is anchored by a Safeway supermarket. Numerous relatively new stores and restaurants are next to both residential hubs."

"The two apartment properties also sold for more than their most recent assessed value, although the assessed value is just one metric that can be used to gauge a property's worth. Ascent was bought at a price that was 17.4% higher than the assessed value of $275 million in January 2025. The ViO apartment property fetched a price that was 2.4% above its estimated assessed value. These hopeful signs have emerged despite financial setbacks for apartment properties elsewhere in San Jose."

Ascent, a 650-unit apartment complex at 5805 Charlotte Dr. in South San Jose, sold for $322.8 million to a group that includes California nonprofit Pacific Housing. The buyers secured a $177.5 million loan from Walker & Dunlop. Shea Properties, through an affiliate, sold the complex. The sale price translates to about $496,500 per unit, modestly higher than the nearby ViO’s $427,400 per-unit price. Both properties were built in 2016 and are adjacent to Village Oaks Shopping Center, anchored by Safeway and surrounded by newer retail. Ascent’s sale exceeded its January 2025 assessed value by 17.4%, while ViO’s sale was 2.4% above its assessed value. The Fay in downtown San Jose faces foreclosure on a $182.5 million construction loan.

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