Cushman & Wakefield arranged the sale and debt acquisition financing for Vespaio, a 162-unit Class A multifamily community located at 130 Stockton Ave. in a highly amenitized area of central San José. Built in 2020, Vespaio was acquired by a joint venture of Windy Hill Property Ventures and Rockwood Capital for $83.5 million, or approximately $515,000 per unit.
Jason Parr, Scott MacDonald, Seth Siegel, John Hansen, Sydney Ladrech and Brayden Joel with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller, locally based developer Hudson Companies. Terry Daly and Dan McLeod with Cushman & Wakefield’s Equity Debt Structured Financing team in San Francisco also arranged the debt acquisition financing for the buyer.
“Vespaio is a strong-performing, best-in-class apartment community with a centralized Silicon Valley location,” said Parr. “Widely recognized as one of the nation’s strongest rental markets, San José maintains solid apartment fundamentals, with rents back in growth mode—and still among the highest in the country—and ongoing low vacancy.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).