Mountain View Apartments Sell to PGIM, Interstate Equities

Interstate Equities Corporation and PGIM have joined forces to buy an apartment building in Mountain View.

San Francisco-based Interstate Equities and New Jersey-based PGIM acquired the 149-unit 881 East El Camino Real in Mountain View for $87 million, or about $583,900 per unit, the Mercury News reported. The seller was Singapore-based Mapletree, which bought the complex in 2015 for $110 million, or $739,300 per unit. Though the apartments sold for 20.9 percent less than what Mapletree paid for them, the $87 million price is 9 percent above its assessed value as of January 2025.

The four-story property comprises one- and two-bedroom units ranging from 658 to 1,079 square feet, and boasts a pool and resident lounge.

The purchase marks Interstate Equities’ latest multifamily play in the South Bay. In October, the firm bought the 160-unit Atrium Garden apartments in San Jose for $18.5 million, or $115,600 per unit.

The $583,900-per-unit price for 881 East El Camino Real is on the higher end of multifamily deals in the South Bay in recent months.

Last month, a group led by California nonprofit Pacific Housing bought Ascent, a 650-unit residential complex at 5805 Charlotte Drive in south San Jose, for $322.8 million, or $496,500 per unit. The sale price was 17.4 percent higher than its assessed value of $275 million a year ago. Across the street, the 234-unit ViO multifamily residential property at 5700 Village Oaks Drive sold to Essex Property Trust in a $100 million all-cash deal, or $427,400 per unit.

These multifamily properties represented bright spots in the South Bay residential market while other properties face financial setbacks.

In downtown San Jose, The Fay, a 23-story, 336-unit residential tower that opened in December 2024, could end up in foreclosure due to a delinquent $182.5 million construction loan on the property. Lender Madison Realty Capital sought to begin the foreclosure process last fall. Nearby, the owner of the 50-unit Neo at First complex in San Jose is in default on a $21 million loan and is also facing foreclosure.

— Chris Malone Méndez