San Jose State University has purchased Spartan Village on The Paseo, a student housing tower in downtown San Jose, for $89.1 million. The property was converted from a hotel into income-restricted student residences earlier this year.
The acquisition was completed using funds from the state’s Higher Education Student Housing Grant Program. The total budget for the purchase reached approximately $168.1 million, which included debt to pay off bonds required to help finance the project.
The seller of the property at 184 South Market Street was an affiliate of Throckmorton Partners, based in Mill Valley. Throckmorton had acquired the 264-room tower—formerly part of the Signia by Hilton San Jose hotel—in 2023 for $73.1 million. While one tower was transformed into Spartan Village on The Paseo and opened in August 2024 for SJSU students, the main Signia hotel with 541 rooms remains operational across the Paseo de San Antonio pedestrian mall.
Previously, Throckmorton Partners leased the converted tower to San Jose State University and provided SJSU with an option to purchase it outright. “The handover of Spartan Village on The Paseo marks ‘the culmination of a landmark collaboration’ between Throckmorton and the university,” said SJSU President Cynthia Teniente-Matson.
Spartan Village on The Paseo is a 13-story building that offers at least 679 beds for students, with capacity reaching up to 811 beds. It features amenities such as a sky bridge lounge connecting directly to dining options on the second floor.
This development follows other recent investments in student housing within San Jose’s central business district. In 2024, Amcal Housing and Swenson secured a $150 million refinancing package for their own high-rise student complex nearby, known as The Grad San Jose.
