Kennedy Wilson Partners with Hulic, Fuyo General Lease on San Jose Apartment Deal

Kennedy Wilso has closed on a three-party joint venture with Hulic Co., Ltd. and Fuyo General Lease (USA) Inc. to acquire One South Market, a 312-unit multifamily community in downtown San Jose, for $176 million. The transaction marks Kennedy Wilson’s fifth joint venture with Hulic and its first partnership with Fuyo General Lease.

Built in 2015, One South Market is located adjacent to San Pedro Square in the heart of downtown San Jose. The high-rise community also features 6,534 square feet of fully leased ground-floor retail.

“Our acquisition of One South Market is an exciting milestone for Kennedy Wilson as we build on our longstanding partnership with Hulic and establish our first partnership with Fuyo General Lease,” said Kurt Zech, President of Kennedy Wilson’s Multifamily division. “One South Market offers exceptional long-term fundamentals, driven by its prime downtown location, strong employment base and limited new multifamily supply. With its proximity to major employers, transit and the broader Silicon Valley technology ecosystem, the property provides a unique opportunity to invest in a high-quality asset in one of the country’s most dynamic markets.”

CBRE’s Jon Teel represented the JV.