Essex Lists 360 Residences in Downtown San Jose
Essex Property Trust has put the 23-story downtown apartment complex up for sale and plans to redeploy the capital into the East Bay.
Updated on Nov. 5, 2026 in Commercial
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Essex Property Trust has listed 360 Residences, a 213-unit, 23-story apartment complex at 360 South Market Street in downtown San Jose, for sale. The listing does not disclose an asking price.
Why it matters
Essex states it has finite capital and seeks the best risk-adjusted returns, which led it to sell the San Jose asset and redeploy into the East Bay. A sale by year-end would add to a string of nine-figure multifamily deals in San Jose in the fourth quarter.
The 360 Residences has 213 units, roughly 11,000 square feet of retail space, a pool and a fitness center. Essex bought the site in 2017 for $133.5 million, and the asking price remains undisclosed.
The players
Essex Property Trust
Essex Property Trust is a publicly traded real estate investment trust focused on apartment communities in the West Coast, including the San Francisco Bay Area.
Kennedy Wilson
Kennedy Wilson is a global real estate investment company that acquires, develops and manages properties across multiple markets.
The details
The building opened in 2010 as a for-sale condominium project before Kennedy Wilson bought it in a 2011 foreclosure auction after developer Mesa Development stopped making loan payments. Kennedy Wilson converted the condos into rental apartments that Essex later acquired.
Timeline
2010: 360 Residences opened as a for-sale condominium project.
2011: Kennedy Wilson bought the property in a foreclosure auction.
2017: Essex Property Trust bought the site for $133.5 million.
October 2026: One South Market and The Grad acquisitions closed.
End of 2026: Target date for a 360 Residences sale if completed.
Market Landscape
The sale joins a run of nine-figure San Jose multifamily deals, including the October acquisitions of One South Market and The Grad, that signal investor appetite for downtown rental housing. Essex's move toward the East Bay reflects the same capital reallocation seen across Bay Area apartment markets.
For renters at 360 Residences, a sale would change ownership but not the current lease terms, as no change to occupancy has been announced. Investors tracking San Jose multifamily pricing can use the October per-unit and per-room comparables to gauge where a sale price may land.
The takeaway
Downtown San Jose rental housing is drawing large institutional capital, and owners rotating out of the market are redeploying into neighboring markets such as the East Bay. Watch for an announced sale price at year-end to confirm how the market values 213-unit downtown assets.
Further reading
Explore more San Jose commercial real estate coverage for context on the city's multifamily market.
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