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.
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.
— Ascent, a 650-unit apartment complex at 5805 Charlotte Drive in South San Jose, was purchased in December 2025 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 2025 for $100 million, or $427,400 a 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%. The Virginia Beach, Chesapeake, and Norfolk metro areas were in second place with a 3.8% increase in annual rents.
The South Bay was in third place, tied with the Chicago metro area, with a 3.4% increase in annual rents, the CoStar unit’s report determined.
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