
JV Pays $84M for Newly Built San José Apartments
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.”
- ◦Sale/Acquisition