Busy buyer and seller pull off another apartment deal in South Bay

"The just-bought Sunnyvale housing property is at 870 and 874 East El Camino Real in Sunnyvale and was purchased for $76.9 million, according to documents filed on Jan. 9 with the Santa Clara County Recorder's Office. The new owner of the 184-unit Sunnyvale apartment hub is a group affiliated with New Jersey-based PGIM, the global investment management unit of life insurance company Prudential Financial, and Bay Area-based Interstate Equities Corp."

"If PGIM, Interstate Equities, and Mapletree seem to be familiar names involved in South Bay apartment deals, it's for a good reason. On Jan. 6, Mapletree sold a 149-unit Mountain View apartment complex about four miles away, also on El Camino Real, for $87 million, county documents show. As was the case with the Sunnyvale property, the buying group in the Mountain View apartments transaction was an affiliate headed up by PGIM and Interstate Equities, according to public documents."

"The deal has emerged with a backdrop of South Bay rents that are rising far more quickly than the nationwide average. The seller of the Sunnyvale residential complex was Singapore-based Mapletree, the county records show. In 2014, a Mapletree affiliate paid $69.5 million for the apartment property, a real estate database shows. Ascent, a 650-unit apartment complex at 5805 Charlotte Dr. in South San Jose, was purchased in December 2025 for $322.8 million."

A 184-unit apartment complex at 870 and 874 East El Camino Real in Sunnyvale sold for $76.9 million, with documents filed Jan. 9. The buying group includes affiliates of PGIM and Bay Area-based Interstate Equities; the seller was Singapore-based Mapletree. Mapletree previously acquired the property in 2014 for $69.5 million. On Jan. 6 the same buying group purchased a 149-unit Mountain View complex for $87 million. South Bay rents are rising faster than the national average, and per-unit prices vary across recent local transactions.

Read at The Mercury News