SANTA CLARA >> Summerwood Apartments in Santa Clara has been bought for well over $200 million in a deal that shows investors still have interest in residential properties in the South Bay.

Interstate Equities, a Los Altos-based real estate investment firm that acted through an affiliate, bought the 468-unit complex for $203.2 million, according to documents filed on Nov. 21 with the Santa Clara County Recorder’s Office.

“Our niche is finding dated multifamily apartment properties and transforming them into affordable, updated, boutique-style assets,” Interstate Equities, a veteran firm that was founded in 1981, states on its website.

Summerwood Apartments was built in 1971, according to Apartments.com. The residential units are in several buildings, which are two stories high.

Germany-based DWS Group sold the apartment complex to the Interstate Equities affiliate.

Interstate Equities obtained a loan totaling $127.8 million at the time of the purchase, county records show. Baltimore-based M&T Realty Capital provided the financing for the transaction. The loan was transferred to the control of Fannie Mae, a government-sponsored mortgage securities company.

Here’s how the Summerwood Apartments deal stacks up against the per-unit value of other recent purchases of apartment complexes in the South Bay. All of the transactions occurred in 2024:

• Summerwood Apartments in Santa Clara, $434,188 a unit.

• Arioso, a 201-unit complex in Cupertino, was bought in June for $123.8 million, or $615,920 a unit. This property is near the Apple spaceship headquarters.

• Moreland Apartments, a 160-unit apartment complex in San Jose, was bought for $71 million, or $433,750 a unit.

• The Harlowe, a 266-unit complex in Milpitas, was bought in October for $109.3 million, or $410,902 a unit.