SAN JOSE — A group with a global reach has paid $200 million-plus to scoop up a San Jose student housing tower in a deal that hints at signs of economic strength in the city’s urban core.
The Grad, a 19-story, L-shaped residential high-rise in downtown San Jose, has been bought for $204.8 million, documents filed on Oct. 6 with the Santa Clara County Recorder’s Office show.
Global investment titan Brookfield and student housing-oriented Coastal Ridge Real Estate teamed up through an affiliate to acquire The Grad, which is at 88 East San Carlos St. about a block from San Jose State University.
“The Grad’s sale shows the underlying strength of downtown San Jose,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.
In June 2024, Amcal and Swenson attempted to sell The Grad, putting it on the sales block in an uncertain market.
It wasn’t immediately clear if the tower was being marketed continuously for sale since that mid-2024 time period.
In November 2024, Acore Capital Mortgage provided Amcal and Swenson with a $150 million loan to refinance The Grad. That funding that replaced a prior loan from CIM Group that had been issued in 2021.
The 260-unit residential hub can accommodate 1,039 beds. Floor plans include 1-, 2-, 3-, and 4-bedroom configurations.
An alliance of Amcal, based in the Los Angeles County city of Agoura Hills; and San Jose-based real estate firm Swenson developed The Grad starting in 2017. The housing tower opened in 2020.
The deal suggests apartment values might be stabilizing in the South Bay. The new owners paid 5.8% more than the tower’s assessed value of $193.5 million, as calculated for January 2026.
The price that New York City-based Brookfield Real Estate Solutions and Ohio-based Coastal Ridge paid works out to roughly $787,500 per room.
That’s 104.5% higher — more than double — the average price of $385,000 for completed apartment complex sales in the South Bay as estimated by Marcus & Millichap, a commercial real estate firm.
It appears that Amcal and Swenson were able to repay their lender and potentially achieved a profit for their years-long efforts related to The Grad.
“The sale price means both the lender and the owner came out whole, which is significant in today’s economic environment,” Staedler said.
Student housing has become something of a hot ticket in downtown San Jose of late.
In December 2025, San Jose State University officially bought a 13-story student housing tower at 184 South Market St. through a $165 million overall purchase package. The Spartan Village on the Paseo can accommodate 679 beds with a maximum capacity of 811 beds.
In August 2026, a Texas-based group paid $165 million to buy 27 North, a 119-unit, 475-bed apartment complex at 27 North 6th St.
“Student housing will continue to bolster downtown development over the next decade, bringing residents, activity and investment into the urban core,” Staedler said.