"SAN JOSE An affordable student housing tower that was converted from a hotel high-rise is now officially owned by San Jose State University with the completion of an $89.1 million deal for the prominent property. Spartan Village on the Paseo, located at 184 South Market St. in downtown San Jose, was sold by an affiliate of Throckmorton Partners. Throckmorton bought the 264-room hotel tower for $73.1 million in 2023."
"After its purchase, Throckmorton redeveloped the hotel and transformed it into a residential hub for SJSU students. The student housing opened as Spartan Village on the Paseo in August 2024. A grant deed that transferred the student housing tower to the California State University system was recorded on Dec. 1 in Santa Clara, formally completing the property purchase. SJSU officials touted a cooperative effort between the university and Throckmorton to revamp and convert the tower into student housing."
San Jose State University completed an $89.1 million purchase of Spartan Village on the Paseo, a former hotel tower converted into affordable student housing. The 184 South Market St. tower originally was the 264-room southern tower of the Signia by Hilton San Jose; the adjacent 541-room Signia continues operating. Throckmorton Partners bought the hotel for $73.1 million in 2023, redeveloped it, leased the tower to SJSU, and opened the student housing in August 2024. A grant deed recorded Dec. 1 in Santa Clara finalized the transfer to the California State University system. University leaders praised the partnership and conversion effort.
#student-housing #san-jose-state-university #throckmorton-partners #hotel-to-student-housing-conversion
Read at www.mercurynews.com
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