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 while Terry Daly and Dan McLeod with Cushman & Wakefield’s Equity Debt Structured Financing team facilitated debt acquisition financing for the buyer.
Parr commented that “Vespaio is an outstanding apartment community situated within Silicon Valley’s centralized location.” He further noted that “San José remains one of America’s strongest rental markets as rents are back on growth mode yet still among the highest nationally coupled with low vacancy rates.” The JV paid $84M to acquire this newly built property which is expected to be profitable due to its prime location within San Jose market dynamics favoring landlords over tenants currently
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