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.
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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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