SAN JOSE, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of The Grad San Jose, a 260-unit, 1,035-bed purpose-built student housing high-rise half a mile south of San Jose State University. AMCAL, Swenson and Tikehau Capital sold the property to a joint venture between Coastal Ridge Real Estate and Brookfield for approximately $204.8 million. The Grad was 100 percent leased at the time of the sale.
Completed in 2020, The Grad offers furnished one- to four-bedroom floor plans, most with private bedrooms and private bathrooms, along with kitchens and in-unit washers and dryers. Community amenities include a resort-style pool with cabanas and a hot tub, a 24-hour fitness center with spin and yoga studios, study lounges on every floor, a top-floor deck, outdoor movie screen, sports courts and grilling stations. Peter Katz, in association with Tony Solomon, Marcus & Millichap’s California broker of record, led the transaction on behalf of the sellers. IPA is a division of Marcus & Millichap (NYSE: MMI).