Interstate Equities Corporation, based in San Francisco, and PGIM, headquartered in New Jersey, have purchased a 149-unit apartment building located at 881 East El Camino Real in Mountain View. The acquisition price was $87 million, translating to approximately $583,900 per unit. The previous owner, Singapore-based Mapletree, had acquired the property in 2015 for $110 million or about $739,300 per unit.
Despite the sale price being nearly 21 percent lower than what Mapletree paid a decade ago, it is still nine percent higher than the property’s assessed value as of January 2025. The four-story complex offers one- and two-bedroom apartments ranging from 658 to 1,079 square feet and includes amenities such as a pool and resident lounge.
This transaction is part of Interstate Equities’ ongoing investment activity in the South Bay region. In October of last year, the company bought Atrium Garden apartments in San Jose—a 160-unit property—for $18.5 million (about $115,600 per unit).
The purchase price for the Mountain View complex stands out among recent multifamily transactions in the area. For example, Pacific Housing led a group that recently acquired Ascent—a 650-unit residential development at 5805 Charlotte Drive in south San Jose—for $322.8 million (approximately $496,500 per unit). That deal was completed at a price roughly 17 percent above its assessed value from the prior year. Meanwhile, Essex Property Trust purchased ViO—located across the street at 5700 Village Oaks Drive—in an all-cash deal valued at $100 million ($427,400 per unit).
While these sales highlight areas of strength within the South Bay’s residential market, other properties are facing financial challenges. The Fay—a newly opened 23-story tower with 336 units in downtown San Jose—is threatened by foreclosure due to a delinquent construction loan of $182.5 million from Madison Realty Capital. Similarly, Neo at First—a nearby complex with 50 units—is also facing foreclosure after defaulting on a $21 million loan.
” — Chris Malone Méndez
