Rockpoint Group and Holland Partner Group Form Joint Venture to Develop 311-Unit Multifamily Community in San Jose
Rockpoint Group and Holland Partner Group have formed a joint venture to develop Stevens Creek, a 311-unit multifamily community at 3896 Stevens Creek Boulevard in west San Jose, California, the firms announced August 27, 2026. The transaction encompasses both the acquisition of the development site and construction of the new property.
The site, spanning approximately 4.7 acres at the intersection of Stevens Creek Boulevard, Saratoga Avenue, and Northlake Drive, was acquired by a Holland Partner Group affiliate for $22.3 million from a group of local families including members of the Rubino family. The land had been occupied by low-slung retail structures and is being repositioned as a mid-rise, mixed-use development.
Project Details and Design
Stevens Creek is designed as a modern mixed-use community featuring 311 apartments and approximately 6,000 square feet of ground-floor retail space. The project is one component of a broader two-tower entitlement covering the 4.7-acre site; the full development envisions a second building of 264 units fronting Saratoga Avenue, bringing the sitewide total to 575 apartments and up to approximately 14,000 square feet of commercial space. The full project includes a set-aside of 29 units for very low-income households as a condition of city approval.
TCA Architects is serving as architect on the project, with EPT Design as landscape architect. The City of San Jose granted final approval for the 3896 Stevens Creek development in July 2026, clearing the way for the joint venture announcement and a planned groundbreaking later in 2026. Completion is targeted for 2029.
The Stevens Creek building will offer amenities including a resort-style pool and landscaped courtyard, a resident lounge, a fitness center, and a co-working lounge. Unit interiors are planned to include stainless steel appliances, solid-surface countertops, in-unit washer/dryers, and luxury vinyl tile flooring. The broader site plan also incorporates a public plaza at the Stevens Creek–Saratoga corner and a paseo connecting the two buildings.
Location and Market Drivers
The property sits in the heart of Silicon Valley, minutes from the headquarters of Apple in Cupertino and NVIDIA in Santa Clara. The site provides access to I-280 and US-101, connecting residents to employment centers across the region, and is proximate to retail, dining, and entertainment destinations along the Stevens Creek corridor.
Stevens Creek Boulevard has been identified in regional planning efforts as a major corridor targeted for increased density, multimodal transit improvements, and mixed-use redevelopment. The 3896 Stevens Creek site sits at the Saratoga Avenue intersection, a node historically characterized by aging strip retail and auto-oriented design that is now being repositioned toward mid-rise, transit-supportive housing.
"Silicon Valley remains one of the nation's most dynamic innovation economies and continues to exhibit strong long-term rental housing demand driven by high-income employment, limited new housing supply, and high barriers to home ownership," said Aric Shalev, a Managing Member and Co-CEO at Rockpoint. "We believe this community is well positioned to meet the growing demand for modern rental housing while contributing thoughtfully to the continued evolution of the Stevens Creek corridor."
"Northern California continues to prove itself as one of the most resilient rental markets in the country, and well-located, thoughtfully designed communities like Stevens Creek are exactly where we see long-term value," said John Wayland, Executive Managing Director for Holland Partner Group. "This closing reflects years of disciplined work by our team to advance entitlements and build the right partnership to bring this project to life. We look forward to working alongside Rockpoint, and to breaking ground later this year."
Firm Backgrounds and Track Records
Holland Partner Group, founded in 2000 and headquartered in Vancouver, Washington, is a fully integrated real estate investment company with expertise spanning development, construction, acquisition, redevelopment, and property management. The firm has been active in the Bay Area for over a decade, developing and acquiring multifamily communities throughout Oakland, San Jose, and the broader Northern California region. Holland employs approximately 700 people and maintains offices in Denver, Seattle, Northern California, Los Angeles, and San Diego.
Rockpoint, a Boston-based real estate private equity firm, has a history of investing in the residential sector dating to its predecessor firm. Since 1995, the firm has closed on or committed to 147 residential investments comprising approximately 100,000 multifamily units. Since 1994, Rockpoint's co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm, investing or committing to invest in 517 transactions with a total peak capitalization of approximately $83 billion. The firm targets high-barrier-to-entry markets where it believes active asset management and repositioning strategies can create value.
Outlook
Stevens Creek represents one of the larger single-site multifamily redevelopments currently advancing to construction in west San Jose. With groundbreaking expected before year-end 2026 and a 2029 delivery target, the project will add new rental supply to a submarket where both firms cite constrained inventory and sustained demand from high-income tech-sector employment as core investment rationale.
Sources:
Rockpoint Group — Joint Venture Announcement, August 27, 2026