Student Housing Tower Sold for $204.8 Million in San Jose
The Grad, a 19-story building at 88 East San Carlos Street, was acquired by Brookfield and Coastal Ridge Real Estate.
Updated on Oct. 7, 2026 in Commercial
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Brookfield and Coastal Ridge Real Estate purchased The Grad, a 260-unit student housing tower in downtown San Jose, for $204.8 million. The transaction, which includes 1,039 beds, was officially filed with the Santa Clara County Recorder's Office on October 6, 2026.
Why it matters
The acquisition highlights the ongoing investment in student-focused residential projects in downtown San Jose. Analysts suggest that the growing demand for dedicated student housing is expected to bolster urban development in the area over the next decade.
The 19-story building at 88 East San Carlos Street features 260 units with a total capacity of 1,039 beds. The final sale price represents a 5.8% premium over the property's January 2026 assessed value of $193.5 million.
The players
Brookfield
A global alternative asset management company that invests in real estate, infrastructure, and renewable power.
Coastal Ridge Real Estate
A full-service real estate investment and management firm specializing in multifamily and student housing communities.
Acore Capital Mortgage
A commercial real estate finance firm that provides debt solutions for large-scale development and property projects.
The details
Developed by Amcal and Swenson, the tower first opened to residents in 2020. The property was previously refinanced in November 2024 through a $150 million mortgage provided by Acore Capital Mortgage.
Timeline
Development of The Grad began in 2017.
The building opened to student residents in 2020.
Amcal and Swenson attempted to sell the tower in June 2024.
Acore Capital Mortgage provided a $150 million refinancing loan in November 2024.
Sale documents were filed with the Santa Clara County Recorder on October 6, 2026.
Roadmap
This purchase signals a broader commitment to the densification of San Jose through high-density student residential projects. It positions the current owners to capitalize on the ongoing expansion of downtown San Jose student housing development.
Residents of the tower may see changes in property management as new owners assume control of the facility. The deal reflects the continued high demand for housing near the university, which keeps competition for available units elevated.
The takeaway
The premium paid over the assessed value suggests strong investor confidence in the long-term viability of the local student housing market. Investors should monitor how these large-scale acquisitions influence rent trends and unit availability for nearby residents.
Further reading
Learn more about the latest projects in the Commercial sector for the San Jose region.
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