MOUNTAIN VIEW — An apartment complex in Mountain View has been bought by a coast-to-coast real estate alliance in a deal that offers fresh signs of strength for the South Bay residential market.
The multifamily residential hub at 881 East El Camino Real in Mountain View was bought for $87 million, according to documents filed on Jan. 6 with the Santa Clara County Recorder’s Office.
This price for the complex of 149 apartments is perched on the high side of per-unit values of South Bay residential hubs that have landed new owners lately.
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.
By comparison, here are the prices for some other apartment deals of note:
— 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 ViO apartment property fetched a price that was 2.4% above its estimated assessed value.
Similarly, the just-bought Mountain View apartment complex produced a price that was 9% above its assessed value as of January 2025. Assessed values are one metric that can be used to gauge a property’s worth.
Still, while these three transactions point to pockets of strength in the South Bay apartment sector, some residential hubs are struggling beneath the weight of financial setbacks.
The Fay, a 336-unit, 23-story apartment tower in downtown San Jose that opened in December 2024, faces foreclosure due to a delinquent $182.5 million construction loan.
The Neo on First, a 50-unit complex in San Jose that’s just south of downtown, is in default on a $21 million loan and also faces foreclosure on its financing.
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