Kennedy Wilson has formed a three-party joint venture with Hulic Co. and Fuyo General Lease (USA) Inc. to acquire One South Market, a 312-unit multifamily property 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 (USA).
Built in 2015, One South Market is located near San Pedro Square in downtown San Jose. The property includes 312 residential units averaging approximately 907 square feet and 6,534 square feet of fully leased ground-floor retail space.
The property is near major Silicon Valley employers, including Adobe and Zoom, and provides access to Diridon Station, regional highways and San Jose Mineta International Airport.
The acquisition expands Kennedy Wilson’s multifamily investment activity in markets with major employment centers and limited new housing supply. The company cited downtown San Jose’s employment base and proximity to
