Investors Purchased One South Market for $176 Million
The 312-unit San Jose multifamily complex changed hands in a deal involving three joint venture partners.
Updated on Oct. 14, 2026 in Commercial
Live Poll
Does large-scale real estate investment in your area help or hurt housing affordability for local residents?
A partnership led by Kennedy Wilson finalized the $176 million acquisition of the One South Market residential property. The complex, which sits near San Pedro Square, includes 312 rental apartments and 6,534 square feet of retail space.
Why it matters
The investment underscores a strategy to target high-employment urban markets where new residential housing supply remains constrained. For San Jose residents, the shift in ownership marks a major change for a prominent downtown living site.
The property, built in 2015, features 312 residential units with an average size of 907 square feet. The transaction price of $176 million covers the entire site, including the ground-floor retail storefronts.
The players
Kennedy Wilson
A global real estate investment firm known for managing large-scale multifamily residential properties and commercial assets.
Hulic Co.
A Japanese real estate developer and frequent investment partner of Kennedy Wilson with a focus on core urban properties.
Fuyo General Lease (USA) Inc.
An international leasing and financial services firm entering its first partnership with Kennedy Wilson on this property.
The details
Kennedy Wilson orchestrated the acquisition through a three-party joint venture with Hulic Co. and Fuyo General Lease (USA) Inc. The property benefits from proximity to major transit hubs including Diridon Station and San Jose Mineta International Airport. This move represents a collaborative expansion of existing investment relationships, specifically marking Kennedy Wilson's fifth joint venture with Hulic.
Timeline
One South Market was originally constructed in 2015.
The transaction for the property was finalized in October 2026.
The Home Front
This deal highlights the continued institutional interest in high-density, transit-oriented multifamily assets within major employment hubs. It reflects a broader trend of large-scale capital moving into established residential properties built during the post-2010 urban growth cycle.
Current residents at One South Market should monitor official communication regarding any changes to property management or rent payment procedures. Those living in the surrounding San Pedro Square neighborhood may track future updates regarding the ground-floor retail space usage.
The takeaway
This transaction signals that major investors remain focused on established, transit-adjacent residential hubs in San Jose. Renters in large downtown complexes should keep an eye on lease renewal notices and property management updates whenever ownership changes occur.
Further reading
Learn more about the latest Commercial trends affecting property values and development in the region.
Live Poll
Does large-scale real estate investment in your area help or hurt housing affordability for local residents?
