When AVE Santa Clara opened its doors in the heart of Silicon Valley, it wasn't just another luxury apartment building. It was the culmination of nearly a decade of persistence, partnership, and problem-solving — and now, it has the recognition to match.
Korman Communities is proud to announce that AVE Santa Clara has been named a 2026 CoStar Impact Award winner, one of the most respected distinctions in the real estate industry. The award, Multifamily Development of the Year for the South Bay, is a testament not just to the project itself, but to the people who persisted through the many setbacks.
A Neighborhood in the Making
AVE Santa Clara was never conceived as a standalone development. From the outset, it was designed to anchor something larger: the Clara District, an ambitious plan to remake a former industrial and office corridor in Santa Clara, California into a dense, walkable, mixed-use neighborhood.
Situated near Levi's Stadium and the campuses of companies like Nvidia, the Clara District has been envisioned under the city's Tasman East Specific Plan to eventually accommodate up to 4,500 residential units and 100,000 square feet of retail — a density that rivals parts of San Francisco. In a state grappling with a chronic housing shortage, that kind of scale matters. Housing advocates have long argued that projects like this, thoughtfully planned and boldly executed, are exactly what California needs more of.
AVE Santa Clara's market performance has backed up that case. The property reached 95% occupancy within just seven months of opening — a meaningful signal that demand for quality, amenity-rich housing near major tech employers is not only real, but urgent.
Built Through Adversity
Achieving any of that required getting the building finished first — which turned out to be the hardest part.
Over the course of the project, the development team faced the bankruptcy of both the original architect and contractor, followed by the compounding disruptions of the pandemic: supply chain bottlenecks, material shortages, and construction delays that would have stalled less vigilant teams. In California's high-barrier multifamily market, where financing is complex and costs are unforgiving, any one of those obstacles can derail a project entirely.
This one didn't. CoStar's judges took specific note of that resilience, acknowledging the extraordinary effort required to push a project of this scale across the finish line in one of the most capital-intensive markets in the country. It is that persistence — quiet, determined, professional — that this award ultimately honors.
Where People Want to Live
AVE Santa Clara offers 311 residences across eight stories, with a mix of traditional luxury apartments and furnished units available on flexible leases of 30 days or longer. The building was designed for modern life in all its forms: for the long-term resident planting roots, and for the professional in transition who still wants a home, not a hotel room.
Amenities reflect that same thoughtfulness. Flexible workspaces and private conference rooms acknowledge that work no longer stops at the office door. A two-story fitness center and resort-style pool and spa speak to the value residents place on wellness.
Then there is the AVEnture Hub — perhaps the detail that says the most about how AVE Santa Clara thinks about its residents. Stocked with complimentary bicycles, kayaks, camping gear, and outdoor equipment, it is an open invitation to step outside the building and into Northern California's remarkable natural landscape.
Together, it’s a residential experience designed around how people actually live, not just where they sleep.
The Team That Made It Possible
Behind every award-winning project is a group of people who showed up, adapted, and delivered. At AVE Santa Clara, that team came from two organizations working in close alignment.
The development was a joint effort between Ensemble Investments and Korman Communities, combining Ensemble's deep roots in the Silicon Valley market with Korman's decades of experience creating high-quality residential communities. From Ensemble Investments, Rob Gomez, Kambiz Babaoff, Michael Moskowitz, and Conrad Garner provided critical leadership throughout the project's long arc. From Korman Communities, Brad Korman, Lea Anne Welsh, and Jeff Brown guided the effort alongside Steven Edwards of Rethink Development Corp. and Brian Nixon of NXN Consulting.
This recognition belongs to all of them.
About the CoStar Impact Awards
The CoStar Impact Awards honor exceptional real estate projects and transactions that have meaningfully shaped their neighborhoods or submarkets. Recognized across 129 major markets in the United States, Canada, and the United Kingdom, winners are selected each year by real estate professionals with deep local knowledge — making the award a peer-driven measure of true market impact.
Categories include Lease of the Year, Commercial Development of the Year, Multifamily Development of the Year, Redevelopment of the Year, and Sale/Acquisition of the Year. CoStar, the industry's leading information and analytics platform, amplifies the reach of winning projects through its channels, ensuring that meaningful real estate achievement gets the attention it deserves.
