Acacia Capital Corporation has expanded its multifamily portfolio in the Bay Area with the purchase of the Sofia residential building in Santa Clara. The San Mateo-based company, through an affiliate, acquired the property for $183 million, which translates to approximately $639,900 per unit. SummerHill Apartment Communities, which developed and opened Sofia in 2024, was the seller.
The Sofia development is a seven-story building containing 287 units. The price per unit places this transaction among the higher end of recent multifamily sales in the South Bay region.
Other recent transactions in the area include a 184-unit complex at 870 East El Camino Real in Sunnyvale that sold to PGIM and Interstate Equities Corporation for $76.9 million, or about $417,900 per unit. Additionally, these firms purchased a 149-unit apartment property at 881 East El Camino Real in Mountain View for $87 million, equating to roughly $583,900 per unit earlier this month.
Last month saw California housing nonprofit Pacific Housing participate in acquiring Ascent, a 650-unit complex at 5805 Charlotte Drive in San Jose for $322.8 million—about $496,500 per unit. In September, ViO multifamily property with 234 units at 5700 Village Oaks Drive in San Jose sold for $100 million or approximately $427,400 per unit.
Acacia Capital has been actively adding to its holdings over the past two years. In September last year, it bought Waymark apartment complex—a 358-unit property at 101 Pringle Avenue in Walnut Creek—for $190 million (nearly $531,000 per unit). Later that year it acquired a 304-unit property at 299 Franklin Street in Redwood City for $184 million ($605,263 per unit), and during summer purchased The Beacon—a Fremont complex with 275 units—for $126 million. In late 2023 Acacia also added Villa del Sol’s 124 units in Sunnyvale for nearly $62.3 million.
— Chris Malone Méndez
