Luxury Silicon Valley Community Opens

Korman Communities, in partnership with Ensemble Investments, has opened the latest residential development under its AVE brand, the 311-unit AVE Santa Clara in Santa Clara, Calif. The eight-story property, designed by BDE Architecture and Groundswell Design, offers both traditional apartment rentals as well as flexible lease options for fully furnished apartments.

Residences include studios starting at $2,811, one-bedrooms starting at $3,110, two-bedrooms starting at $4,881 and three-bedrooms starting at $6,590. All units feature stainless steel kitchen appliances, quartz countertops, Samsung washers/dryers and blackout roller shades in the bedrooms. 

The community features the developer’s first “AVEnture Hub,” which offers residents complimentary use of outdoor gear such as bikes, kayaks and camping equipment. Other amenities include a two-story fitness center as well as a hospitality deck with a pool, hot tub, grilling stations, firepit lounges and on-demand food and beverage service. A Zen courtyard offers a yoga lawn, grilling stations and dining pavilion, firepits and seating.

AVE Santa Clara, located at 2240 Calle de Luna, also includes lounges, a dog park, pet spa, game room and a movie/sports lounge. There are private work pods, a 24/7 business center and conference rooms on every residential floor.

The property is situated near Levi’s Stadium, home of the San Francisco 49ers for more than a decade and site of Super Bowl LX in early 2026. AVE Santa Clara also has close access to the lower Guadalupe River Trail, which runs through San Jose, and access to the VTA light rail, which connects with downtown San Jose.

Korman Communities is a real estate investment and property management company with nearly 40 properties in the U.S. and the U.K. Its high-end AVE brand offers unfurnished apartments, along with fully furnished apartments with flexible lease options.

Silicon Valley grows increasingly hot

Demand for apartments is strong in Silicon Valley, which includes the northern California cities of San Jose, Sunnyvale, Santa Clara, Mountain View, Campbell, Cupertino, Milpitas, and Palo Alto, as well as San Benito County. So intense, in fact, that the region is the toughest market to find an apartment in the state, and one of the hardest in the country, according to a report by RentCafe.

The study’s Rental Competitiveness Index measures the heat of various U.S. apartment markets. The higher the score, the more competitive the market, with the national RCI score for 2024 coming in at 74.4, reflecting a highly competitive rental market environment.

For its part, Silicon Valley has seen its RCI score grow by 7.5 points year-over-year to 80.9 in 2024, driven by the tech sector’s revival, RentCafe notes. That marks the highest score in California, and tenth-highest in the nation.