San Jose Property Trades for $84M

The Vespaio property in San Jose. Image courtesy of Cushman & Wakefield

Windy Hill Property Ventures and Rockwood Capital have acquired Vespaio, a Class A multifamily community in San Jose, Calif., for $83.5 million, or approximately $515,000 per residential unit. The buyers purchased the 162-unit property from Hudson Companies. Cushman & Wakefield advised both the buyer and the sellers, arranging the sale and lining up acquisition debt financing.

Situated at 130 Stockton Ave., in a heavily amenitized area of central San Jose, the recently constructed seven-story apartment community was completed in 2020 and features almost 165,000 square feet of residential space, as well as upwards of 32,300 square feet of commercial space. The property is set on approximately 1.7 acres.

The apartment community features one- to three-bedroom floor plans ranging from 754 to 1,697 square feet. Electric vehicle charging stations, a barbecue area, and a media center and movie theater are among the property’s common-area amenities. The community is LEED Gold Certified.

Central San Jose location

Silicon Valley rents have decelerated recently, after a robust run, according to a March San Jose multifamily report from Yardi Matrix. Situated directly off The Alameda, a historic district in central San Jose, Vespaio is located across the street from a Whole Foods Market. Other major supermarkets and retail brands are located nearby, as are numerous dining, nightlife and entertainment venues.

Vespaio is also within walking distance of the planned Google Downtown West campus and near many Class A office buildings hosting major companies. Diridon Station, a major transit hub for rail and bus service into and out of San Jose, is also in close proximity to the property.