Carmel Partners (“Carmel”), a leading U.S. real estate investment management firm that specializes in multifamily assets, today announced the acquisition of Silver, a 268-unit multifamily community located at 333 Sunol Street in Central San Jose. The transaction marks Carmel’s fourth acquisition in the San Francisco Bay Area in Carmel Fund 9 and is aligned with the firm’s strategy of pairing its proprietary Data Science & Research (DS&R) capabilities with decades of real estate expertise to identify modern, well-located residential assets located in supply-constrained submarkets with rent growth that is projected to outpace 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.”

Completed in 2018, Silver comprises 268 units across studio, one- and two-bedroom layouts. The community offers an expansive amenity package including a pool, multiple barbecue areas, several outdoor lounges, a fitness center, clubhouse, game room and a dog park. Carmel will pursue a value-add strategy to rebrand the asset and complete various renovations across the property’s residences and community spaces.

Situated in Central San Jose’s Sunol-Midtown/West San Carlos neighborhood, Silver is located within walking distance of the Diridon transit hub and Downtown San Jose, providing residents with convenient access to a variety of nearby retail, dining and shopping options. The property is also proximate to major business and technology employers in Silicon Valley. Carmel’s DS&R team finds that the Central San Jose submarket is at a 20-year occupancy high and benefits from a minimal construction pipeline, providing favorable conditions for positive rent growth. The submarket ranks sixth out of the 284 submarkets that Carmel tracks nationally for five-year rent growth as of 3Q 2026, which Carmel believes underscores the value of choosing the right submarket within a broader market.

About Carmel Partners

Founded in 1996, Carmel is one of the nation’s leading specialists in real estate investment management, focusing on U.S. multifamily renovation, development and debt investments. Through its vertically integrated platform, Carmel seeks to achieve superior risk-adjusted returns across varying market cycles by investing in relatively supply-constrained, high barrier-to-entry markets in the United States. Since its founding, Carmel has bought and renovated or developed, or is in the process of renovating or developing, over 58,000 apartment units with a combined estimated Gross Value of $24.0 billion and has made 22 debt investments. Carmel is located in San Francisco, Denver, Los Angeles, New York, Seattle and Washington, D.C. For more information, please visit www.carmelpartners.com.

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