Student Housing Tower Sold for $204.8 Million
The 19-story Grad building in downtown San Jose has changed hands in a major multi-million dollar real estate deal.
Updated on Oct. 7, 2026 in Commercial
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Brookfield and Coastal Ridge Real Estate have 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
This sale highlights the ongoing investment in student-focused housing as a driver for downtown San Jose development. The high sale price, which sits 5.8% above the property's January 2026 assessed value, signals strong market interest in local high-density residential properties.
The 19-story building at 88 East San Carlos Street sold for $204.8 million, marking a 5.8% increase over its January 2026 assessed value. The property serves 1,039 beds across 260 residential units.
The players
Brookfield
A global investment firm that manages large-scale commercial real estate and infrastructure assets.
Coastal Ridge Real Estate
A private investment firm specializing in the acquisition and management of student and multifamily housing.
Acore Capital Mortgage
A commercial real estate lender that provided the $150 million financing for the tower in 2024.
Santa Clara County Recorder's Office
The local government agency responsible for maintaining official property transaction records.
The details
The Grad was developed by Amcal and Swenson starting in 2017 and opened to residents in 2020. The property was recently refinanced with a $150 million loan from Acore Capital Mortgage in November 2024 to clear previous obligations before this acquisition. The new owners, Brookfield and Coastal Ridge Real Estate, completed the purchase through an affiliate.
Timeline
Development of the tower began in 2017.
The building opened to students in 2020.
Acore Capital Mortgage provided a $150 million loan in November 2024.
Sale documents were filed on October 6, 2026.
The Home Front
This transaction reflects a broader trend of institutional interest in dense urban student housing to support the growth of downtown San Jose. The sale underscores how large-scale residential developments are becoming central to the city's long-term infrastructure and housing strategy.
Local renters and students should monitor whether the new ownership impacts building amenities or management policies in the coming months. Residents can confirm property ownership details by searching the public records at the Santa Clara County Recorder's Office.
The takeaway
Large-scale student housing sales continue to shape the downtown San Jose landscape as investors look for long-term growth in the city core. Tenants should keep a copy of their current lease agreement in a secure location during ownership transitions to ensure all terms remain honored.
Further reading
Learn more about the latest Commercial real estate developments in San Jose.
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