Kennedy Wilson Acquired One South Market for $176 Million
The real estate firm purchased the 312-unit residential property in San Jose through a new joint venture partnership.
Updated on Oct. 14, 2026 in Commercial
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Kennedy Wilson has acquired the One South Market property in San Jose for $176 million. The transaction, which includes 312 residential units and ground-floor retail space, was completed through a joint venture.
Why it matters
The firm targeted the location because of its proximity to major employment centers and a limited supply of new housing. This acquisition represents a strategic effort to expand its footprint in high-demand urban markets.
The One South Market property consists of 312 residential units and 6,534 square feet of retail space. Each residential unit averages approximately 907 square feet.
The players
Kennedy Wilson
This is a global real estate investment company that manages a portfolio of multifamily and commercial assets.
Hulic Co.
This is a Japanese real estate development and leasing firm that has previously partnered with Kennedy Wilson on five separate joint ventures.
Fuyo General Lease (USA) Inc.
This organization is a financial services company specializing in equipment and real estate leasing.
The details
Kennedy Wilson formed a three-party joint venture with Hulic Co. and Fuyo General Lease (USA) Inc. to finalize the $176 million purchase. The property, built in 2015, sits near San Pedro Square, Diridon Station, and San Jose Mineta International Airport.
Timeline
One South Market was constructed in 2015.
The transaction was finalized in October 2026.
Culture Shift
The acquisition aligns with the broader societal trend of prioritizing high-density residential living near transit-oriented urban cores. This move reflects a sustained shift in investment strategies toward housing located within walking distance of employment and transportation hubs.
Residents of the property may experience changes in building management or property operations following the ownership transition. The retail spaces on the ground floor will continue to serve the local San Jose community near the San Pedro Square area.
The takeaway
Institutional investors are increasingly focusing on properties with limited new supply and high employment density. For urban residents, this trend indicates that high-end transit-oriented housing remains a centerpiece of the regional real estate market.
Further reading
Learn more about the latest developments in the San Jose Commercial sector.
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