Interstate Equities, PGIM Secure $201M to Buy West Coast Assets
The properties are located in tech employment hubs.
A joint venture between Interstate Equities Corp. and PGIM, the global investment management arm of Prudential Financial, have obtained $201.5 million in financing for the acquisition of four multifamily properties totaling 574 units in Seattle and the San Francisco Bay Area. Mapletree Investments was the seller, having acquired the properties in 2015, according to Yardi Matrix information.
Mesa West Capital originated the financing, which was arranged by Eastdil Secured.
The Greater San Francisco properties include mResidences Redwood City, now called Cirrus Redwood City, a 141-unit property located in Redwood City, Calif.; mResidences Mountain View, renamed Catalyst Mountain View, a 149-unit community in Mountain View, Calif. and mResidences Silicon Valley, a 184 unit-asset in Sunnyvale, Calif. that is now called the Maddox Sunnyvale. mResidences South Lake Union is a 100-unit property located in Seattle, now called Cumulus South Lake Union.
Three out of four of the properties were built within the last decade or so, with Cirrus Redwood City completed in 2014 and Catalyst Mountain View finishing construction in 2016, according to Yardi Matrix data.
READ ALSO: Permanent Debt Abounds. Where Should You Turn?
The same source notes Cumulus South Lake Union came to market in 2013. Maddox Sunnyvale, formerly mResidences Silicon Valley is the oldest of the properties, having opened in 1987.
The communities offer a mix of studios, one- and two-bedroom units, some of which are reserved for corporate housing. Their common-area amenities include pools, clubhouses, fitness centers and parking. The Seattle property is LEED-certified.
The buyers plan targeted capital improvements across the portfolio, aiming to drive rents in an environment of sustained demand and limited supply.
Late last year, Interstate Equities closed on $146 million in first mortgage and preferred equity funding for the refinancing of The Bryant at Yorba Linda, a 400-unit community in greater Los Angeles. That loan was arranged by Walker & Dunlop.
Top tech talent markets
Both the San Francisco Bay Area and Seattle, benefit from being dynamic tech employment hubs that drive job growth.
Demand for apartments in both the Bay Area and Seattle remains healthy, driven in large part by the growth of employment in the tech sector in both places. They remain the top U.S. markets for tech workers, despite a few high-profile tech companies decamping to places like Texas.
From 2021 to 2024, the tech workforce grew by more than 10 percent in the Bay Area and 5.1 percent in Seattle, according to CBRE data. About 11.4 percent of the Bay Area’s employment base is in tech, while the total in Seattle is 8.9 percent.
Greater San Francisco, a famously expensive multifamily market, managed to eke out a year-over-year rental gain of 1.9 percent in 2025, according to Yardi Matrix data. By contrast, Seattle experienced a 0.9 percent drop in average rents in 2025.
