San Jose student housing tower sale fetches more than $200 million

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. Related A