Kennedy Wilson Acquired San Jose Multifamily Building
A joint venture purchased the One South Market property for $176 million to expand its residential footprint in San Jose.
Updated on Oct. 14, 2026 in Commercial
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Kennedy Wilson and two partners have finalized the $176 million purchase of One South Market in downtown San Jose. The 2015-built property adds 312 residential units to the firm's portfolio.
Why it matters
The acquisition reflects a strategic shift by the partnership to secure housing in markets with major employment centers and limited new supply. This movement highlights continued institutional interest in local high-density residential properties.
The property sale totaled $176 million for 312 residential units, averaging approximately 907 square feet per apartment. The site also includes 6,534 square feet of ground-floor retail space.
The players
Kennedy Wilson
A global real estate investment company that acquires, develops, and manages commercial and multifamily properties.
Hulic Co.
A Japanese real estate firm that operates as a long-term property owner and investor in high-quality commercial assets.
Fuyo General Lease (USA) Inc.
An American subsidiary of a Japanese financial services firm that provides equipment leasing and corporate real estate financing.
The details
Kennedy Wilson completed the purchase through a new three-party joint venture with Hulic Co. and Fuyo General Lease (USA) Inc. By targeting properties near major transit hubs like Diridon Station and San Jose Mineta International Airport, the partners aim to capitalize on central employment proximity. The facility, which opened in 2015, represents a significant addition to the area's rental inventory.
Timeline
2015: One South Market was originally constructed.
October 2026: The transaction for the property was finalized.
Money Landscape
This acquisition follows the established pattern of institutional capital flowing into Silicon Valley housing near transit-oriented developments. It reflects ongoing investor confidence in the region's long-term residential supply constraints.
Renters in the downtown San Jose area may see little immediate change in individual lease terms, as institutional owners often maintain established property management standards. Residents should monitor for future updates regarding retail tenants moving into the building's ground-floor space.
The takeaway
Large-scale institutional investments in local apartments generally aim to capture demand from commuters working in nearby employment centers. Households in the area should monitor the building's retail occupancy to gauge neighborhood walkability trends.
Further reading
For more on how major property deals affect local housing availability, visit our Commercial section.
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