SAN JOSE — The Grad, a 19-story, L-shaped residential high-rise in downtown San Jose, was bought for $204.8 million, documents filed on Oct. 6 with the Santa Clara County Recorder’s Office show.
Global investment firm Brookfield and student housing-oriented Coastal Ridge Real Estate teamed up through an affiliate to acquire the tower at 88 East San Carlos St., about a block from San Jose State University.
The 260-unit high-rise can accommodate 1,039 beds. Floor plans include one-, two-, three- and four-bedroom configurations.
The new owners paid 5.8% more than the tower’s most recently assessed value of $193.5 million. At roughly $787,500 per room, the figure is more than double the average price of $385,000 for completed apartment complex sales in the South Bay as estimated by commercial real estate firm Marcus & Millichap.
“The Grad’s sale shows the underlying strength of downtown San Jose,” said Bob Staedler, principal executive with land-use consultancy Silicon Valley Synergy.
An alliance of Amcal, based in Agoura Hills, and San Jose-based real estate firm Swenson developed The Grad starting in 2017. It opened in 2020.
Amcal and Swenson attempted to sell The Grad in June 2024.
In November 2024, Acore Capital Mortgage provided Amcal and Swenson with a $150 million loan to refinance the tower. That funding replaced a prior loan from CIM Group that had been issued in 2021.
With the sale, Amcal and Swenson were likely able to repay their lender and potentially achieve a profit for their 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 picked up recently in downtown San Jose.
In December 2025, San Jose State University bought a 13-story student housing tower at 184 South Market St. through a $165 million purchase package. The Spartan Village on the Paseo can accommodate 679 beds with a maximum capacity of 811 beds.
In August, 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.