Santa Clara’s Sofia Apartments Sell to Acacia Capital

Acacia Capital Corporation is continuing to grow its Bay Area multifamily holdings.

The San Mateo-based firm, acting through an affiliate, bought the Sofia residential building in Santa Clara for $183 million, or $639,900 per unit, the Mercury News reported. SummerHill Apartment Communities, which developed the property that opened in 2024, was the seller.

The development rises seven stories and consists of 287 units. The per-unit price places the deal for the Sofia apartments on the higher end of recent deals in the South Bay.

On Jan. 9, a 184-unit complex at 870 East El Camino Real in Sunnyvale sold to PGIM and Interstate Equities Corporation for $76.9 million, or $417,900 per unit, the Mercury News reported. The two firms also bought a 149-unit apartment property at 881 East El Camino Real in Mountain View for $87 million, or $583,900 per unit, earlier this month.

Last month, a group including California housing nonprofit Pacific Housing bought Ascent, a 650-unit complex at 5805 Charlotte Drive in San Jose, for $322.8 million, or $496,500 per unit. In September, the 234-unit ViO multifamily property at 5700 Village Oaks Drive in San Jose sold for $100 million, or $427,400 per unit.

Acacia Capital has been adding multifamily developments to its portfolio across the Bay Area over the past two years. In September, the firm bought the 358-unit Waymark apartment complex at 101 Pringle Avenue in Walnut Creek for $190 million, or nearly $531,000 per unit. In late 2024, it acquired a 304-unit apartment property at 299 Franklin Street in Redwood City for $184 million, or $605,263 per unit. That summer, Acacia spent $126 million for The Beacon, a 275-unit complex at 3510 Beacon Avenue in Fremont. And in late 2023, Acacia purchased the 124-unit Villa del Sol residential property in Sunnyvale for nearly $62.3 million.

— Chris Malone Méndez