"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. SummerHill Apartment Communities, which developed the Sofia residential property, was the seller in the deal. The apartent complex opened in 2024."
"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."
"These deals have emerged with a backdrop of South Bay rents that are rising far more quickly than the nationwide average. Nationwide, apartment rents rose by nearly 0.7% in 2025 compared with 2024, according to a report released by Apartments.com, an online real estate marketplace of CoStar Group. The San Francisco-San Mateo metro region posted the nation's strongest annual rent growth in 2025 with an increase of 5.9%."
Sofia, a 287-unit, seven-story apartment complex in Santa Clara, sold for $183 million to San Mateo-based Acacia Capital through an affiliate, according to county records. SummerHill Apartment Communities developed and sold the property, which opened in 2024. The sale equates to about $639,900 per unit, placing it at the high end of recent South Bay transactions. Comparable recent deals include purchases in Sunnyvale ($417,900 per unit), Mountain View ($583,900 per unit), and South San Jose (ranging around $496,500 per unit and $427,400 per unit). South Bay rent growth outpaced the national average, with the San Francisco-San Mateo region posting 5.9% annual growth in 2025.
Read at www.mercurynews.com
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