SAN JOSE — A housing development that would produce well over 700 homes in San Jose has edged closer to reality following the project site’s purchase by an East Coast real estate alliance.
The venture paid $45 million to buy a north San Jose site a few blocks from North First Street, according to documents filed on Feb. 2 with the Santa Clara County Recorder’s Office.
A proposed 737 residences are slated to sprout at the just-bought site, which has addresses of 211, 251 and 281 River Oaks Parkway and is next to Zanker Road, San Jose city planning records show.
TPG and Angelo Gordon, New York City-based real estate investment firms that acted through an affiliate, bought the 9.8-acre site through an all-cash deal, the county records show.
Irvine-based Risewell Homes, one of the largest residential builders in the United States, will lead the development of the housing and is also involved with the ownership group for the property, according to the public documents.
In 2023, Valley Oak Partners, a San Jose-based real estate firm, had obtained a purchase contract to buy the site. Valley Oak Partners ultimately helped steer the proposed development through the city review process.
San Jose city officials approved the project in October 2025, paving the way for a development that would rise near tech hubs and residential neighborhoods in north San Jose.
At present, three office and research buildings occupy the project site. The ownership group intends to bulldoze the buildings.
The project includes a 505-unit, seven-story market-rate apartment building; a 132-unit, five-story apartment hub of affordable residences; and 100 townhomes that will be offered for sale. The townhomes will be clustered in 14 three-story buildings.
Due to a wobbly commercial property market, a growing number of real estate firms are seeking ways to replace office buildings, hotels, and even some retail sites with housing developments.
The new owners of the site appear to have bought the property at an attractive price. American River Capital, an East Coast investment firm, bought the office buildings in 2014 for $52.1 million.
The timeline to launch and complete the project’s development wasn’t immediately known. As of Feb. 2, county real estate records showed that the new owners of the property had yet to obtain a construction loan for the proposed housing sites.
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