CAMPBELL — One of the nation’s top real estate firms has paid hundreds of millions to buy two big Campbell apartment complexes in a deal that hints values are rising for South Bay multifamily residential properties.
Essex Property Trust, acting through separate affiliates, paid $240.5 million for two apartment properties in Campbell, according to documents filed on May 9 with the Santa Clara County Recorder’s Office.
Revere Campbell, an apartment complex at 1725 South Bascom Avenue in Campbell, as seen in Oct. 2024. (Google Maps)
The real estate firm bought The Parc at Pruneyard, located at 215 Union Avenue, and Revere Campbell at 1725 South Bascom Avenue, the county documents show.
This purchase was completed at a time of murky trends in the Bay Area apartment market. Some deals hint at a relatively robust multifamily residential sector, while other transactions suggest feeble property values.
This hopeful pattern contrasts sharply with the fading values and even outright loan delinquencies for apartment buildings in Oakland, Berkeley and Emeryville.
Here are some of the details of the Essex Property Trust purchases in Campbell, according to the county documents:
— $122.5 million for The Parc at Pruneyard, a 252-unit complex on Union Avenue. The transaction works out to a per-unit price of roughly $486,100.
— $118 million for Revere Campbell, a 168-unit apartment hub on South Bascom Avenue. The per-unit price works out to around $702,400 a unit.
Both of the just-completed property deals point to rising values for these apartments.
In January 2024, The Parc at Pruneyard was valued at $107.3 million, according to estimates posted by the Santa Clara County Assessor’s Office. That suggests the purchase price was 14.2% above the assessed value.
Similarly, Revere Campbell had an estimated value of $106.6 million, which means the purchase amount was 10.7% above the recent price.
Sith Chaisurote, president of Land and Houses USA Inc. and a limited partner in at least two venture capital firms, according to his LinkedIn page, headed up the respective affiliates that sold the two Campbell apartment hubs.