Four residential assets sell for $272 million across Silicon Valley and Seattle
Interstate Equities has partnered with global asset management firm PGIM to purchase four apartment properties located in California’s Silicon Valley and the heart of downtown Seattle — two regions closely tied to the U.S. technology sector.
PGIM, headquartered in Newark, New Jersey, and Los Altos, California-based Interstate Equities acquired the multifamily portfolio from Singapore’s Mapletree Investments for more than $272 million, translating to roughly $473,867 per unit. The assets are spread across Sunnyvale, Mountain View and Redwood City in California, along with Seattle’s South Lake Union neighborhood.
In a joint statement, the buyers said the acquisition provides “immediate scale” in markets supported by major global technology employers including Apple, Meta and Amazon. The four communities collectively contain 574 apartment units.
The transaction comes at a time when rising demand driven by artificial intelligence growth and the return of high-earning technology professionals to office work has pushed rents higher in both Silicon Valley and downtown Seattle. These areas already rank among the most expensive and supply-restricted housing markets in the United States.
According to CoStar data, average apartment rents in the greater San Jose area — the core of Silicon Valley — hover near $3,200 per month, nearly double the national average asking rent of $1,764. This places the region third nationally, behind only New York and San Francisco. Downtown Seattle rents average over $2,600 per month, about 26% higher than the broader Puget Sound regional average of just above $2,000.
Elevated rents have recently contributed to some of the largest multifamily property transactions seen in years across both markets.
Last month, Los Angeles-based Ethos Real Estate paid approximately $322.8 million for Ascent, a 650-unit luxury apartment community in South San Jose. In Seattle, Weidner Apartment Homes acquired the 654-unit Via6 residential tower for more than $295 million. Located near Amazon’s headquarters, the sale marked the Puget Sound region’s largest multifamily transaction since before the COVID-19 pandemic disrupted property valuations.
Interstate Equities continues to be an active investor in both Silicon Valley and the Seattle metro area. The firm purchased two apartment communities in Tacoma, Washington, last summer and, in late 2024, paid $203 million for the 468-unit Summerwood Apartments in Santa Clara, California.
PGIM will retain a majority equity stake in the newly acquired portfolio, which includes The Maddox, a 184-unit community in Sunnyvale; Catalyst, a 149-unit property in Mountain View; Cirrus, a 141-unit complex in Redwood City; and the 100-unit Cumulus SLU in Seattle.
Interstate Equities, known for acquiring and modernizing older West Coast apartment properties, said it plans to make improvements at the four communities. The properties were originally developed between 1987 and 2015.
For the record
Will Purcell of Eastdil Secured served as the listing broker for the four-property portfolio.
Source: Original reporting by Randyl Drummer, CoStar News.
