Carmel Partners Acquires 268-Unit Silver Apartments in San Jose for $120 Million
Carmel Partners announced the acquisition of Silver, a 268-unit multifamily community located at 333 Sunol Street in Central San Jose, California.
The transaction represents Carmel’s fourth acquisition in the San Francisco Bay Area in Carmel Fund 9, according to the company. The firm stated the acquisition aligns with its strategy of using its Data Science and Research capabilities to identify residential assets in supply-constrained submarkets.
Mike Ruiz, Partner and Head of Acquisitions for Carmel, said the acquisition reflects the company’s method of selecting submarkets with population growth, economic fundamentals, barriers to entry, and rent growth trends. He noted that the firm’s Asset Management and Capital Projects teams will reposition the property with upgrades designed to enhance the resident experience and optimize income-producing capabilities.
The property was completed in 2018 and includes studio, one-bedroom, and two-bedroom layouts. Amenities include a pool, multiple barbecue areas, outdoor lounges, a fitness center, clubhouse, game room, and a dog park. The company plans to pursue a value-add strategy that includes rebranding the asset and completing renovations across residences and community spaces.
Silver is located in Central San Jose’s Sunol-Midtown/West San Carlos neighborhood within walking distance of the Diridon transit hub and Downtown San Jose. The location provides residents access to retail, dining, and shopping options, and proximity to business and technology employers in Silicon Valley.
According to Carmel’s Data Science and Research team, the Central San Jose submarket is at a 20-year occupancy high and has a minimal construction pipeline. The company stated the submarket ranks sixth out of 284 submarkets that Carmel tracks nationally for five-year rent growth as of 3Q 2026.
Carmel Partners is a real estate investment management firm that specializes in multifamily assets.