"SANTA CLARA - A South Bay apartment complex has been bought for more than $180 million in a deal that produced a healthy price using a key benchmark to measure values of residential hubs. Sofia, a residential complex in Santa Clara, has been bought for $183 million, documents filed on Jan. 9 with the Santa Clara County Recorder's Office show. San Mateo-based Acacia Capital, acting through an affiliate, bought the 287-unit, seven-story apartment complex, according to the county records."
"The Sofia apartments fetched a price of about $639,900 a unit, which is on the high end of recent deals in the South Bay. Among the notable deals lately that involved South Bay residential hubs: - A 184-unit Sunnyvale apartment complex at 870 East El Camino Real was bought on Jan. 9 for $76.9 million, $417,900 a unit. - An apartment property at 881 East El Camino Real in Mountain View that totals 149 units was bought for $87 million, or $583,900 per unit."
Sofia, a 287-unit, seven-story apartment complex in Santa Clara, sold for $183 million to an Acacia Capital affiliate. The transaction equates to roughly $639,900 per unit, placing the property at the high end of recent South Bay multifamily deals. Comparable recent sales include Sunnyvale (184 units, $76.9 million, $417,900/unit), Mountain View (149 units, $87 million, $583,900/unit), South San Jose Ascent (650 units, $322.8 million, $496,500/unit) and ViO (234 units, $100 million, $427,400/unit). South Bay rent growth has outpaced the national average, with the San Francisco–San Mateo metro posting 5.9% annual rent growth in 2025.
Read at The Mercury News
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