IPA Brokers $204.75M Sale of 1,035-Bed Student Housing Asset Near San Jose State
MMI is trading near its 52-week low of $24.43 (12% above the low).
Summary
Institutional Property Advisors, a division of Marcus & Millichap, brokered the $204.75 million sale of The Grad San Jose, a 260-unit, 1,035-bed student housing property near San Jose State University. The deal closed at 100% occupancy for the second consecutive leasing season, with the buyer a joint venture between Coastal Ridge Real Estate and Brookfield. This is a sizable transaction for MMI, whose Q2 2026 revenue was $202.9 million, and demonstrates continued institutional demand for student housing in supply-constrained markets. The sale adds to a positive narrative following the company's Q2 earnings beat and ongoing buyback program.
At the time of this announcement, MMI was trading at $27.38 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1B. The 52-week trading range was $24.43 to $33.55. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.