Madison Realty Capital has sold The Fay, a 336-unit multifamily tower at 10 E. Reed St. in downtown San Jose, to a joint venture for $175 million, or $520,833 per unit. The buyers are Flow, a residential real estate company started by WeWork co-founder Adam Neumann and Mark Lapidus, and ASJ Development, led by Andrew Jacobson and Gary Dillabough, both of whom are active in downtown San Jose residential development.
Joint venture buys 336-unit San Jose apartment tower
Post-foreclosure sale of newly built The Fay includes city of San Jose master lease
By Zahra Ihsan with
June 4, 2026 | 8:46 P.M.
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IN THIS ARTICLE
- Properties
- The Fay
10 Reed St, San Jose, CA
- Companies
- Flow Companies, Inc
Real Estate
- ASJ Development
Construction
- Madison Realty Capital Advisors, LLC
Finance and Insurance