South Bay apartment complex is bought in sign of local market strength

"The new owner of the 149-unit apartment complex is a group that's affiliated with San Francisco-based Interstate Equities Corp. and New Jersey-based PGIM, the global investment management unit of Prudential Financial, a life insurance titan. The four-story complex consists of one- and two-bedroom units and features a swimming pool among its amenities, according to the Apartment Finder website. The apartment hub was built in 2016. The price for the Mountain View residential property works out to roughly $583,900 per apartment."

"Ascent, a 650-unit apartment complex at 5805 Charlotte Drive in south San Jose, was purchased in December for $322.8 million. That equates to $496,500 a unit. ViO, a multifamily residential hub with 234 apartments at 5700 Village Oaks Drive in south San Jose, was bought in September for $100 million, or $427,400 a unit. Ascent was bought at a price that was 17.4% higher than the assessed value of $275 million in January 2025."

The 149-unit multifamily property at 881 East El Camino Real in Mountain View sold for $87 million, with documents filed Jan. 6 at the county recorder's office. The four-story complex contains one- and two-bedroom units, includes a swimming pool, and was built in 2016. The sale equates to roughly $583,900 per apartment, a higher per-unit value compared with recent South Bay transactions. Ascent in south San Jose sold for $322.8 million ($496,500 per unit) and ViO sold for $100 million ($427,400 per unit). The Mountain View sale was about 9% above its assessed value as of January 2025.

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