Coastal Ridge and Brookfield acquire San Jose student tower for $204.75M

Coastal Ridge Real Estate and Brookfield have acquired The Grad San Jose, a 260-unit, 1,035-bed student housing high-rise one block from San Jose State University, for $204.75 million. Marcus & Millichap represented the sellers, AMCAL, Swenson and Tikehau Capital, and procured the buyer, according to IREI.

The price works out to about $787,500 a unit, or roughly $197,826 a bed. The report puts enrollment near San Jose State at nearly 41,000 students in fall 2026, and the 19-story tower sits in what the sellers' broker calls a supply-constrained market.

At the time of sale the property was 100 percent occupied for a second consecutive leasing season, according to Peter Katz. Katz, executive managing director of investments at Institutional Property Advisors, a Marcus & Millichap division, credited Fresno-based property manager BEKK Inc. with supporting strong renewal activity and described The Grad as a "modern, class A high-rise" in a market with "significant barriers to entry."

IPA senior managing director Andrew Leahy said institutional demand "remains strong, particularly for assets serving large universities where enrollment continues to grow." The Grad is a newer-vintage, class A asset in a scarce location, distinct from the value-add thesis this publication has argued.

Institutional Property Advisors also brokered the $58.7 million sale of the 260-unit Ascend at Black Canyon in North Phoenix in late September, according to PRED records.