The 23-story, 312-unit tower, which is noteworthy for its blue hues, was sold by an affiliate of Lakevision Capital, which is a unit of a real estate firm based in China.<\/p>\n
In June 2020, a Lakevision Capital affiliate paid $175 million for One South Market, just months after coronavirus-linked business shutdowns began to roil real estate markets and the broad economy.<\/p>\n
This means the tower\u2019s value has barely budged in six years.<\/p>\n
On the other hand, the deal for the residential hub came in at a price point that suggests per-unit values have begun to stabilize and even head higher for apartments in the South Bay.<\/p>\n
The firming prices, however, also mean that apartment rents are poised to trend higher, an outcome that could squeeze renters\u2019 pocketbooks.<\/p>\n
The deal for One South Market is 46.5% higher than the average per-unit price of $385,000 for completed apartment hub sales in the South Bay as estimated by commercial real estate firm Marcus & Millichap.<\/p>\n
In recent weeks, San Jose towers have become magnets for buyers, an indication that real estate investors are seeing an upside in the downtown economy.<\/p>\n
The Grad, a 260-unit apartment tower at 88 E. San Carlos St.<\/a>, was bought for $204.8 million, or roughly $787,500 per room, in a deal that was completed Oct. 6.<\/p>\n
![\"One](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/10\/SJM-L-SJDTAPTSBUY-01.jpg\")
One South Market, a 23-story residential tower at 1 South Market Street in downtown San Jose, seen on Oct. 13, 2026. (George Avalos\/Bay Area News Group)\u00a0<\/p>\n