{"id":488254,"date":"2026-10-07T17:36:09","date_gmt":"2026-10-07T17:36:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/488254\/"},"modified":"2026-10-07T17:36:09","modified_gmt":"2026-10-07T17:36:09","slug":"san-jose-student-housing-tower-sale-fetches-more-than-200-million-3","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/488254\/","title":{"rendered":"San Jose student housing tower sale fetches more than $200 million"},"content":{"rendered":"

SAN JOSE \u2014 The Grad, a 19-story, L-shaped residential high-rise in downtown San Jose<\/a>, was bought for $204.8 million, documents filed on Oct. 6 with the Santa Clara County Recorder\u2019s Office show.<\/p>\n

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.<\/p>\n

The 260-unit high-rise can accommodate 1,039 beds. Floor plans include one-, two-, three- and four-bedroom configurations.<\/p>\n

The new owners paid 5.8% more than the tower\u2019s 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.<\/p>\n

\u201cThe Grad\u2019s sale shows the underlying strength of downtown San Jose,\u201d said Bob Staedler, principal executive with land-use consultancy Silicon Valley Synergy.<\/p>\n

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.<\/p>\n

Amcal and Swenson attempted to sell The Grad<\/a> in June 2024.<\/p>\n

In November 2024, Acore Capital Mortgage provided Amcal and Swenson with a $150 million loan to refinance the tower<\/a>. That funding replaced a prior loan from CIM Group that had been issued in 2021.<\/p>\n

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.<\/p>\n

\u201cThe sale price means both the lender and the owner came out whole, which is significant in today\u2019s economic environment,\u201d Staedler said.<\/p>\n

Student housing has picked up recently in downtown San Jose.<\/p>\n

In December 2025, San Jose State University bought a 13-story student housing tower<\/a> 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.<\/p>\n

In August, a Texas-based group paid $165 million to buy 27 North<\/a>, a 119-unit, 475-bed apartment complex at 27 North 6th St.<\/p>\n

\u201cStudent housing will continue to bolster downtown development over the next decade, bringing residents, activity and investment into the urban core,\u201d Staedler said.<\/p>\n","protected":false},"excerpt":{"rendered":"SAN JOSE \u2014 The Grad, a 19-story, L-shaped residential high-rise in downtown San Jose, was bought for $204.8…\n","protected":false},"author":2,"featured_media":488255,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,1335,4978,383,15,1337,181,100,388,88,90,89,198,200],"class_list":["post-488254","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-bay-area","tag-business","tag-california","tag-development","tag-downtown-san-jose","tag-economy","tag-education","tag-housing-development","tag-latest-headlines","tag-news","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-santa-clara-county","tag-south-bay"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/488254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=488254"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/488254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/488255"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=488254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=488254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=488254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}