A 218-unit apartment complex in San Jose’s Midtown just changed hands for more than $105 million, a price tag that keeps the property firmly in the big leagues of Silicon Valley real estate.
Holland Partner Group has acquired Meridian at Midtown, a mid-rise community at 1432 West San Carlos Street, in a deal recorded this week for roughly $105.3 million. The property sits within walking distance of downtown job centers and major retail corridors, making it one of the higher-profile multifamily trades reported in San Jose so far this year.
According to The Mercury News, county recorder documents show the transfer posted yesterday, with an affiliate of Holland Partner Group listed as the buyer and Essex Property Trust recorded as the seller. The recorded purchase price was $105.3 million.
Public property databases confirm that Meridian at Midtown, located at 1432 West San Carlos Street, contains 218 residential units. PropertyShark provides the building’s size and tax data, and shows a prior sale in October 2018 at about $104 million.
Market signals
The sale lands in a market where higher borrowing costs have cooled some investment enthusiasm, yet core Silicon Valley rentals are still drawing deep-pocketed buyers.
Local market research points to one reason why investors are staying in the game: a multifamily report from Marcus & Millichap projects that average rents in Santa Clara County will increase about 4.4 percent in 2026 to roughly $3,438 per month. The report notes that limited new supply and the region’s tech-heavy employment base remain core drivers of rent growth.
Why the site matters
Meridian at Midtown sits in a stretch that effectively stitches together downtown San Jose with surrounding retail and employment hubs. For renters who want a shorter commute but are not looking to live in the middle of downtown towers, Midtown often functions as a middle ground.
The property’s marketing materials highlight ground-floor retail space along West San Carlos, along with resident amenities and shared common areas that target downtown and Midtown renters.
What the sale suggests
Stacking the county-recorded $105.3 million sale against the roughly $104 million figure from the 2018 transaction shows the building’s market value has climbed by about 1.2 percent over that period. That appreciation estimate draws on the 2018 public sale data listed by PropertyShark, and the relatively modest gain underscores how selective buyers have become about Bay Area multifamily assets under mixed financing conditions.
We will update this story if Holland Partner Group or Essex Property Trust releases a public statement about future plans for the complex or any changes affecting residents. For now, the deal is another reminder that well-located San Jose apartment communities remain very much in play, even as broader regional sales activity continues to ebb and flow.
