Institutional Property Advisors Brokers $204.75 Million Sale of 1,035-Bed Student Housing Property in Northern California
The property was 100% occupied at the time of sale for the second consecutive leasing season.
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“Rising 19 stories just one block from San Jose State University, The Grad is a modern, Class A high-rise in the heart of Silicon Valley, a market with deep demand, compressed cap rates and significant barriers to entry,” said Peter Katz, IPA executive managing director investments. “At the time of sale, the property was
“Institutional demand for student housing remains strong, particularly for assets serving large universities where enrollment continues to grow,” said Andrew Leahy, IPA senior managing director. “The Grad’s location and scale next to San Jose State attracted institutional capital in the sector.”
“The Grad's pedestrian-to-campus location, newer-vintage construction and resort-style amenity package provide the buying entity with a high-quality, irreplaceable asset positioned for operational upside in one of the nation's most supply-constrained housing markets,” Katz added.
Completed in 2020, The Grad offers fully furnished one- to four-bedroom floor plans, most with private bedrooms and private bathrooms, along with fully equipped kitchens with stainless-steel appliances and in-unit washers and dryers. Community amenities include a resort-style pool and spa with cabanas, a 24-hour fitness center with spin and yoga studios, study lounges on every floor, a penthouse sky deck, an outdoor movie screen, sports courts and grilling stations.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in
About Marcus & Millichap
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of
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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.