#multifamily-real-estate

#multifamily-real-estate

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.

An apartment complex in Sunnyvale was bought for more than $140 million in a deal that points to ongoing weakness in the region's multifamily real estate sector. Essex Property Trust purchased the 200-unit apartment hub at 1250 Lakeside Dr. for $143.5 million, according to documents filed on Nov. 25 with the Santa Clara County Recorder's Office. San Mateo-based Essex Property is one of the nation's largest real estate investment trusts. Commercial real estate firm Colliers handled the transaction.

"Multifamily real estate is a $2.5 trillion asset class, yet it captures only a fraction of the $10 trillion living economy around it," Or Bokobza, cofounder and CEO of Venn, said in a statement.