Carmel Partners Acquires 268-Unit Silver Apartments in San Jose for $120M
SAN JOSE, CALIFORNIA, OCTOBER 30, 2026 — Carmel Partners acquired Silver, a 268-unit multifamily community located at 333 Sunol Street in Central San Jose, California. The company announced this transaction represents its fourth acquisition in the San Francisco Bay Area within Carmel Fund 9.
According to the company, the acquisition aligns with its strategy of using its Data Science and Research capabilities alongside real estate expertise to identify modern residential assets in supply-constrained submarkets with projected rent growth advantages.
"The acquisition of this Central San Jose asset is indicative of our thoughtful and strategic method of selecting submarkets that benefit from positive population growth, strong economic fundamentals, significant barriers to entry, and long-term, positive rent growth trends," said Mike Ruiz, Partner and Head of Acquisitions for Carmel. "Carmel's in-house, hands-on capabilities across our experienced Asset Management and Capital Projects teams will allow us to reposition the property with strategic upgrades that will enhance the resident experience and optimize the asset's income-producing capabilities."
Completed in 2018, the community offers studio, one-bedroom, and two-bedroom layouts. Amenities include a pool, multiple barbecue areas, several outdoor lounges, a fitness center, clubhouse, game room, and a dog park. The company plans to pursue a value-add strategy that includes rebranding and renovations across residences and community spaces.
The property 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 access to retail, dining, shopping, and proximity to Silicon Valley business and technology employers.
Carmel's Data Science and Research team reported the Central San Jose submarket is at a 20-year occupancy high with a minimal construction pipeline. According to the company, the submarket ranks sixth out of 284 submarkets tracked nationally for five-year rent growth as of 3Q 2026.