Summary:
- Brookfield and Coastal Ridge Real Estate acquired The Grad, a 19-story, 260-unit student housing tower in downtown San Jose, for $204.8 million, paying 5.8% above its last assessed value and more than double the average South Bay apartment sale price per room.
- Developed by Amcal and Swenson starting in 2017 and opened in 2020, The Grad’s sale enabled the original owners to refinance and likely profit, repaying a $150 million loan from Acore Capital Mortgage issued in late 2024.
- Recent student housing transactions, including San Jose State University’s $165 million purchase of Spartan Village and a $165 million acquisition of 27 North, underscore growing investment and development momentum in downtown San Jose’s student housing sector.
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