SUNNYVALE — A big apartment complex in Sunnyvale has been bought in a deal that was completed by the same buyer and seller who accomplished the sale of a nearby residential hub just a few days earlier.
The deal has emerged with a backdrop of South Bay rents that are rising far more quickly than the nationwide average.
The just-bought Sunnyvale housing property is at 870 and 874 East El Camino Real in Sunnyvale and was purchased for $76.9 million, according to documents filed on Jan. 9 with the Santa Clara County Recorder’s Office.
The new owner of the 184-unit Sunnyvale apartment hub is a group affiliated with New Jersey-based PGIM, the global investment management unit of life insurance company Prudential Financial, and Bay Area-based Interstate Equities Corp.
The seller of the Sunnyvale residential complex was Singapore-based Mapletree, the county records show. In 2014, a Mapletree affiliate paid $69.5 million for the apartment property, a real estate database shows.
If PGIM, Interstate Equities, and Mapletree seem to be familiar names involved in South Bay apartment deals, it’s for a good reason.
On Jan. 6, Mapletree sold a 149-unit Mountain View apartment complex about four miles away, also on El Camino Real, for $87 million, county documents show.
As was the case with the Sunnyvale property, the buying group in the Mountain View apartments transaction was an affiliate headed up by PGIM and Interstate Equities, according to public documents.
The Mountain View apartment complex was bought at a price that equates to $583,900 a unit.
The Sunnyvale residential hub fetched a price of $417,900 a unit. While well below the Mountain View per-unit price, the Sunnyvale deal was generally at a similar level as some recent apartment transactions in South San Jose.
Here are the prices for the recent South San Jose apartment purchases:
• Ascent, a 650-unit apartment complex at 5805 Charlotte Dr. 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 Dr. in South San Jose, was bought in September 2025 for $100 million, or $427,400 a unit.
These deals have arrived at a time when the South Bay apartment market posted a relatively robust performance during 2025 compared to national trends.
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, which include sections of Virginia and North Carolina, 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.