CAMPBELL — A major real estate firm paid hundreds of millions of dollars for two Campbell apartment complexes in a deal that hints values could be rising for South Bay multifamily residences.

Essex Property Trust, acting through separate affiliates, paid a combined $240.5 million for the properties, according to documents filed on May 9 with the Santa Clara County Recorder’s Office.

The buildings include The Parc at Pruneyard, a 252-unit complex at 215 Union Ave.; and Revere Campbell, a 168-unit apartment complex at 1725 South Bascom Ave.

According to county documents, The Parc at Pruneyard was purchased for $122.5 million and Revere Campbell was acquired for $118 million.

The deals point to rising values for the apartments.

In January 2024, The Parc at Pruneyard was valued at $107.3 million, according to estimates posted by the Santa Clara County Assessor’s Office. Similarly, Revere Campbell had an estimated value of $106.6 million.

Sith Chaisurote, president of Land and Houses USA Inc. and a limited partner in at least two venture capital firms, according to his LinkedIn page, headed up the respective affiliates that sold the two Campbell apartment hubs.

The purchase was completed at a time of murky trends in the Bay Area apartment market. Some deals suggest a relatively robust multifamily residential sector, while others suggest feeble property values.

Recently, fading values and loan delinquencies for apartment buildings in Oakland, Berkeley and Emeryville have affected the East Bay.