Carmel Partners Acquires 268-Unit Silver Apartments in Central San Jose

Carmel Partners acquired Silver, a 268-unit multifamily community at 333 Sunol Street in Central San Jose, the company announced. The transaction represents Carmel's fourth acquisition in the San Francisco Bay Area within Carmel Fund 9.

According to the company, the acquisition aligns with its strategy of using proprietary Data Science and Research capabilities with real estate expertise to identify modern, well-located residential assets in supply-constrained submarkets with projected rent growth that outpaces other areas.

"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."

The property was completed in 2018 and includes studio, 1-bedroom, and 2-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 to rebrand the asset and complete 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 access to retail, dining, and shopping options, and proximity to major business and technology employers in Silicon Valley.

Carmel's Data Science and Research team reported that the Central San Jose submarket is at a 20-year occupancy high and benefits from a minimal construction pipeline. The submarket ranks 6th out of 284 submarkets that Carmel tracks nationally for 5-year rent growth as of 3Q 2026, according to the company.